Origination

The company also disclosed a 50% decrease in single-family workouts at the end of the year, compared to the same period in 2021.

Lenders are seeking to capture homeowner interest amid higher living costs, but home values have collectively fallen from their record-high last summer.

The cut reverts the mortgage insurance requirement to pre-financial crisis levels.

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

The publishing company controlled by the Murdoch family had been in talks to sell the parent of Realtor.com and other real estate-related websites for about $3 billion. 

Despite a likely recession, researchers at the government-sponsored enterprise revised volume forecasts upward for both 2023 and 2024, while originators also entered the year expecting their business to improve.

As one of the latest examples of consolidation in the industry, the acquisition is notable in that it aims to preserve the availability of lending resources for both parent companies' customers.

Contract closings slipped 0.7% at the start of the year to an annualized pace of 4 million, according to data from the National Association of Realtors on Tuesday.

U.S. government bonds slid across the curve, with the 10-year rate heading for the highest close since Nov. 9.

This represents a gradual rise in activity, not the tsunami that many feared would take place as COVID-era moratoriums wind down, Auction.com said.