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Prices for new construction dropped in May. In comparison, April construction raised to a 1.81 million rate, the highest since 2006.

Lumber prices have wavered, but gypsum, steel and transportation were still on the rise in the past month, according to a National Association of Home Builders analysis.

Wells Fargo, U.S. Bancorp, Truist Financial and PNC Financial were among the banks that said they are raising their prime lending rates from 4.0% to 4.75%.

The incident at the mortgage fintech occurred late last year as a spate of attacks rocked other housing lenders.

The industry veteran serves on Mortgage Bankers Association board of directors and co-leads its IMB executive council.

The Federal Housing Finance Agency also noted limits to its authority in efforts to free the government-sponsored enterprises from conservatorship in its report to Congress.

The government-sponsored enterprises' new Refinance Application Level Index pulls Desktop Underwriter data in order to give lenders and mortgage-backed securities investors insight into prepayment trends.

This is the biggest increase since 1994, and the Federal Reserve signaled it will keep hiking the interest rate until the end of the year.

Unlike two years ago, when the surge of refinance loans created a vast pool of free financing for the industry to use, today lenders must pay for it by the drink.

Smaller average purchase-loan sizes, which contracted by almost 2%, point to potential signs of diminishing enthusiasm among homebuyers.