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A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.

Emergency legislation written early in the pandemic changed how things were done to protect borrowers with accommodations for hardships, and mortgage companies need to be careful as things return to normal.

Less than 5% of U.S. homeowners can save money by refinancing their housing loans, the smallest proportion in the history of the mortgage bond market, as borrowing rates surge to their highest level in three years.

Non-QM assets overlap almost perfectly with the portion of loans, 52%, financing properties where the borrower intends to maintain as a primary residence.

Lawmakers also asked officials to include more perspectives from Veterans Affairs and USDA representatives and increase focus on manufactured home valuations.

Banking and credit union regulators are expected to respond to a White House call to root out discrimination in the predominantly white appraisal business. They will likely step up enforcement and data collection, reclaiming authority long ceded to the industry's governing body.

The number of people that have paid late in the near term has increased, according to multiple recent reports.

Federal Reserve Governor Christopher Waller said longer-run structural issues will continue to put upward pressure on home prices and rents even as the central bank begins a campaign to raise borrowing costs.

The Purchase Applications Payment Index was 8.3% higher in February compared with January and 22% over the same month in 2021, the Mortgage Bankers Association found.