Refinance

Gross supply as of the end of June has already reached $1.2 trillion, a torrid pace considering the last decade has averaged $1.3 trillion per annum.

Conditions have improved for the first time since November.

Insurance claims and claims expenses were 503% above 1Q and 1,075% over 2Q19.

With over 4 million millennials entering prime home buying age each year through 2023, purchase activity will be driven much higher, according to Ellie Mae.

Rates are forecasted to remain at the current low levels for the rest of 2020, driving steady refinance volume.

Record-low interest rates allowed homebuyers to purchase $32,000 more house for the same monthly payment compared to last July, boosting affordability to the highest level since 2016.

The combined impact of coronavirus forbearance periods ending while low rates persist means large workloads for title insurers, appraisers and others.

While low interest rates drove up new insurance written, the increased defaults stymied overall performance.

The government-sponsored enterprise reported net earnings of $2.55 billion, up from $461 million in the first quarter.

The annual survey and ranking of mortgage servicers found that while trust is increasing, borrowers were frustrated with some digital interactions and long wait times with call centers.