Mortgage rates

And having a paperless process was an important reason for many in picking their originator, the National Survey of Mortgage Originations found.

Borrowers' affordability concerns drove activity lower than normal seasonality in November would indicate, Black Knight said.

Following peaking at 7.08% on Nov. 10, the 30-year fixed has come down three-quarters of a percentage point, Freddie Mac said.

Home prices, sales volumes, interest rates are expected to drop next year, researchers at the company forecasted.

The benchmark 10-year Treasury in particular tumbled 11 basis points between Wednesday's close and Thursday's open.

But the rapid drop could be enhancing the volatility that is keeping buyers out of the market, Freddie Mac said.

Rising mortgage rates also led to the highest level of listing price reductions as well as the largest annual drop in pending home sales, Redfin found.

A Fannie Mae survey says 36% get only one quote, while a separate Zillow study found 72% don't plan to look for options.

Contract closings decreased 5.9% to an annualized pace of 4.43 million last month, according to the National Association of Realtors

One week following the Consumer Price Index data release, the 30-year fixed rate loan is 47 basis points lower, while the 15-year is down 40 basis points, Freddie Mac said.

The drop was led by a large decline in cash-out refinancing volume, Black Knight said.

If rights holders have to sell these assets because of the Ginnie Mae capital rule, it will increase rates for lower income consumers.

But costs are still elevated annually in double-digit ranges for 46% of markets, according to the National Association of Realtors.

An inflation metric came in lower than expected, which caused the benchmark 10-year Treasury to drop well below the 4% mark.

The company had benefited from the hot pandemic housing market until rising mortgage rates cooled demand, leaving it holding real estate that was worth less than its purchase price.

Following the latest Federal Reserve boost in short-term rates, industry and other observers are anticipating more volatility to affect home loan financing.

But the static weekly data in the Freddie Mac survey does not accurately portray the volatility in the market in recent days.

However, the benchmark 10-year Treasury has been above 4% on a sustained basis for most of the prior week, gaining 18 bps, an indication of future increases for home loans.

Many Wall Street economists are holding firm to their bet that U.S. inflation will slow substantially over the next year even as they're being forced to keep raising their predictions for coming months.

The West Coast and across the Rocky Mountain region are the most vulnerable to price declines in the coming months as both sellers and buyers readjust their expectations.