Origination

But a cooling housing market opened up buying opportunities for some and helped drive the share of FHA-backed purchases upward for the first time in a year, according to new Attom research.

The companies formed a partnership in 2019, in which the lender would handle mortgage processing, underwriting and closing for the digital-only bank.

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.

The Community Home Lenders of America's latest report finds that independent mortgage banks picked up the slack as many large banks abandoned mortgage lending or imposed credit overlays, two of its members say.

Sales of previously owned U.S. homes fell for an eighth straight month in September, underscoring how soaring mortgage rates are punishing the housing market. 

Close to 60,000 home-purchase agreements were canceled in September

A Wisconsin taxpayers group asked the U.S. Supreme Court to block President Biden's student-loan relief plan from taking effect, accusing him of usurping the power of Congress and costing taxpayers potentially more than $1 trillion.

Approximately two years after Fannie Mae and Freddie Mac stopped accepting the troubled index, the government agency is looking to approve the Structured Overnight Financing Rate for adjustable rate mortgages.

Higher interest rates are driving borrowers to adjustable-rate loans, which saw close to a 13% share in weekly activity, the highest since 2008.

New U.S. home construction declined in September and permit applications for single-family dwellings fell, adding to evidence that the highest mortgage rates in two decades are sapping demand and discouraging new builds.