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The move confirms speculation that the Federal Housing Finance Agency would return to a pre-pandemic plan to tighten requirements for mortgage lenders and servicers that work with two government-sponsored enterprises.

Strong economic data was countered by international political developments, sending the 30-year rate lower for the first time in a month.

The Federal Reserve's capital guidance for S corporations is hindering some community development banks' access to the Treasury's $9 billion Emergency Capital Investment Program. The Fed has offered exemptions in the past, so why isn't it doing so now?

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.

Federal Reserve Governor Michelle Bowman suggested that a half percentage-point increase in interest rates could be on the table next month if incoming readings on inflation come in too high.

In a Senate Banking Committee hearing on the economy, Republicans reiterated their demand for more transparency from Sarah Bloom Raskin, President Biden's pick to serve as vice chairman for supervision at the Federal Reserve.

The 30-year average increased by 23 basis points on inflation, geopolitical news.

Minutes of the Jan. 25-26 Federal Open Market Committee meeting, released Wednesday, “[tell] us that they will raise the fed funds rate in March, and that a 50 basis point rate hike is in play,” said Gus Faucher, chief economist for PNC Financial Services Group.

Credit availability also tightened in January, contributing to early 2022’s lending slowdown, according to the Mortgage Bankers Association.

"The quality of our new business is high. The pricing of that business does not reflect the capital requirements of our regulatory rule," CEO Hugh Frater said.