Origination

A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.

Less than 5% of U.S. homeowners can save money by refinancing their housing loans, the smallest proportion in the history of the mortgage bond market, as borrowing rates surge to their highest level in three years.

Lawmakers also asked officials to include more perspectives from Veterans Affairs and USDA representatives and increase focus on manufactured home valuations.

Federal Reserve Governor Christopher Waller said longer-run structural issues will continue to put upward pressure on home prices and rents even as the central bank begins a campaign to raise borrowing costs.

The Purchase Applications Payment Index was 8.3% higher in February compared with January and 22% over the same month in 2021, the Mortgage Bankers Association found.

Averages rose sharply across the board, as investors focus on the central bank's response to ongoing economic and geopolitical developments.

Dollar losses from business email compromise attacks, many of which target real estate transactions, grew to $2.4 billion last year from $1.8 billion in 2020, a Federal Bureau of Investigations report found.

Sales of new U.S. homes fell in February for a second month, suggesting high prices and rising mortgage rates may be keeping prospective buyers on the sidelines.

Refinance applications came in 54% lower than a year ago, but average loan sizes accelerated, with the purchase amount setting another record.

The actions involved are based on findings by an interagency task force first convened last year by Marcia Fudge, secretary of the Department of Housing and Urban Development.