Origination

July sales rose 7% compared with the previous year, but a 7.7% drop in pending listings indicates future loan volume is drying up, according to Zillow.

The 3 basis point gain in the 30-year fixed comes as investors are now pricing in the likelihood of a Federal Reserve short-term rate hike in September.

Record lending drove a top-line gain on the year but one-time costs from reverse mortgage servicing sales and negative fair value changes hurt the bottom line.

The bill, which is meant to free up housing supply locked in by high mortgage rates, does not include assumable mortgages which stick with the property.

The lender disclosed a big investment, plus hefty, albeit declining, origination volume but revealed a major hedge-related net loss it blamed on the failed bid.

The online lender said its national bank will become the "primary originator," displacing the banks that are lenders of record. Loan buyers keep their role.

Incomes have been rising faster than what buyers need to earn to afford one of these homes, but the annual gain began shrinking in January, Redfin found.

An industry sentiment index hit a new low, with 45% of investors saying the current business environment has worsened compared to a year ago.

About 7% of Zillow's workforce was let go, one of the steepest cuts in company history, trailing a 25% slice following the closing of Zillow Offers in 2021.

The borrower allegedly forged a VA document that claimed exempt-free status, leading the lender to mistakenly cover the cost on his behalf, prosecutors said.