Residential mortgage lending continued to contract from mid-November through December, according to the Federal Reserve Beige Book, but refinancing activity varied. The Chicago and Richmond Federal Reserve district banks reported "increased refinancing activity, but New York cited widespread declines in refinancing," the Beige Book says. The Fed's periodic report on economic activity also notes that home sales are "sluggish" in most bank districts and inventories of unsold homes remain at historically high levels. "Overall, contacts anticipate that housing markets will remain weak during the first part of 2008," it says. Meanwhile, commercial real estate activity "eased late in the year," demand for CRE loans was mixed, and credit standards have tightened in the past two months, according to the Fed report.
-
The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.
1h ago -
The top five producers had an average dollar volume of VA and USDA loans of more than $35 million in 2023.
2h ago -
While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
9h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
11h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
April 23 -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23