Refinance

The U.S. is investigating lenders for allegedly pressuring veterans and members of the military into unneeded mortgage refinances — unsavory conduct that not only leads to higher consumer costs but has consequences for one of the world’s largest bond markets.

Not every housing market is dealing with an inventory shortage, as over one-third of respondents said there was excess supply in their local area, according to a First American Financial survey.

As mortgage rates dropped to new lows for the year, loan application volume increased from one week earlier, according to the Mortgage Bankers Association.

Overall mortgage lending increased by 20% in the second quarter but was still down from a year earlier, according to Black Knight Financial Services.

The average number of days to close a home loan for a millennial varied significantly by state in July as buyers continued competing for tight inventory, according to Ellie Mae.

Mortgage refinancing applications were more than half of the volume for the first time since January, according to the Mortgage Bankers Association.

Loan application defects were unchanged for July compared with June, the first time in eight months there has not been an increase, according to First American Financial Corp.

Mortgage applications decreased 2.3% from one week ago, according to the Mortgage Bankers Association.

If mortgage rates rise slowly as the economy continues to grow, the impact from the Fed’s unwind on housing likely will result in a decline in refinancing activity.

Fannie Mae and Freddie Mac will adjust their risk-sharing deals so that they can accommodate high loan-to-value loans refinanced under the programs replacing the Home Affordable Refinance Program.