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Loan activity overall came in higher for the second week in a row, with interest rates flattened following an extended volatile period, the Mortgage Bankers Association said.

The agency is decreasing the dollar amount for the second consecutive year, maintaining the percentage quota for mission-related loans and adding a new exemption.

The lender has shed over $1 billion in annualized expenses and said it retains enough capital to sustain operations for the next several years.

The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.

Frequent federal budget impasses increase insurance concerns and threaten to jack up financing costs that are already straining lenders.

Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.

By the end of 2024 traders now see the U.S. central bank slashing rates by a full percentage point, despite officials repeatedly warning markets that they're in no rush to cut rates.

The top five cities have an average down payment of $51,920.