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The 30-year fixed loan rate dropped 15 basis points compared with last week as bond market investors acted in advance of this morning's Consumer Price Index report.

With Control Your Price loan officers can lower the interest rate by up to 40 basis points on a loan and by 1.25 percentage points across their pipeline.

The move, which comes with an unspecified number of layoffs, is expected to cost the company $3.8 million to $4.6 million in pretax charges in the second quarter.

The shift opens the door for regional banks to increase their aggregation activities, analysts said.

But the numbers still generally remain below pre-pandemic levels, according to Attom.

The chill in North America's housing market has lumber traders saying the commodity's recent rally may not have much more room to run.

Company president and former Fannie Mae CEO Tim Mayopoulos will step down in the first quarter, one of four few resignations among leadership this month.

The transactions, combined with news Wells Fargo will be shedding some mortgage servicing rights, add to indications that prices for investors may be more favorable this year.

The Consumer Financial Protection Bureau is making a second attempt at blocking companies from limiting consumers' legal rights through arbitration clauses that violate consumer protection laws.

But refinances saw an upturn and pushed overall loan activity higher in the first week of 2023, the Mortgage Bankers Association said.