Mortgage rates

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.

The letter, sent under the banner of the Black Homeownership Coalition, is the second in two months sent by the trade group in its ongoing campaign.

Following the Consumer Price Index release, the 10-year Treasury yield broke through 4%, making continued increases likely.

The decline ended a six-week streak of increases, but given the latest moves in the 10-year Treasury yield, rates are likely to soon rise again.

The rise in rates over the past six weeks pushed the borrower's monthly disbursement up $337, Redfin said.

The 30-year fixed rate is now at levels last seen in the summer of 2007, according to data from Freddie Mac.

The recent spike in interest rates has also led to elevated ARM activity, which accounted for over 10% of all applications.

These refinance transactions are being driven by the homeowner's need for cash, according to Black Knight

BayFirst Financial Corp. said it initiated the process of shuttering its out-of-state network of residential mortgage loan production offices.

Inflation and recessionary concerns affected movements in the benchmark 10-year Treasury, itself at an 11-year peak, Freddie Mac said.

Bond traders are girding for the risk that Federal Reserve Chair Jerome Powell is ready, willing and able to plunge the U.S. into recession to get the inflation bogey under control.