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Activity fell despite an ongoing slide in rates, but elevated interest in VA loans, particularly refinances, managed to lift the government-sponsored index higher by a fraction, the Mortgage Bankers Association said.

Contract closings increased 0.8% from a month earlier to a 3.82 million annualized rate, according to the National Association of Realtors, and ahead of estimates of 3.78 million units.

However, nearly a third of industry employees told National Mortgage News in a survey they're worried they'll lose their job because of the technology next year.

The Bank Term Funding Program, set up in response to this spring's run of bank failures, is poised to close down in March. With the Federal Reserve now forecasting rate cuts next year, the bar for renewing the facility's authorization could be a bit higher.

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Industry leaders share their thoughts on some of the forecasts that fizzled.

Retail properties account for 44.1% of the pool, the collateral pool's largest portion. Multifamily, lodging office and other properties account for 12.5%, 11.5%, 8.9% and 23.0%, respectively.

A proposed reduction in the amount of overall discretionary spending amounts would hamper both agencies' ability to fulfill their affordable-homeownership missions, the consortium of housing industry advocates said.

Bostic said he expects the US central bank will cut rates twice in 2024 — in the second half of the year — as inflation continues to slowly decline.

Yasmin Farahi is deputy director of state policy at the Center for Responsible Lending, which provides nonpartisan research, analysis and advocacy to create financial fairness and economic opportunity for all.