Origination

But the recent spike has contributed to a noticeable downturn in purchase demand, according to Freddie Mac.

The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation.

 In a survey released by Bank of America Thursday, respondents cited expensive home prices (56%), higher interest rates (40%) and uncertainty about affording closing costs (30%) as reasons they might hesitate to buy. 

The move by Self Financial could add momentum to recent efforts in this areas by influential mortgage-market participants like Fannie Mae and Freddie Mac.

The firm's merger with a special purpose acquisition corporation is expected to be completed this quarter, according to financial filings.

The National Association of Home Builders asked the White House to take action to address the supply-chain disruptions that are pushing up the costs of materials and labor, in a letter sent Wednesday.

The National Association of Realtors’ index of pending home sales decreased 1.2% from a month earlier to 103.7, the lowest since May 2020, according to data released Wednesday.

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

The lender is the latest to announce cuts in response to declining production volume.

While housing costs continued to set records, several signs of moderation have begun to appear in the last several weeks, according to Redfin.