Refinance

But rising rates and tightening affordability are slowing appreciation rates, Black Knight found in its latest Mortgage Monitor report.

As interest rates fluctuated and purchase volumes increased in the second quarter, mortgage loans were more prone to defaults, according to actuarial and consulting firm Milliman.

But the number of prospects remains at the high end of its pre-pandemic range.

Rising debt-to-income ratios were behind almost a third of refinance rejections among those 65 and older, according to an analysis from the Urban Institute.

August’s increase in that loan type drove refinancings to take up a slim majority share of origination volume for the first time since February, according to Black Knight.

From 2016 to 2019, the Long Island man stole from Home Point Financial, LoanDepot and United Wholesale Mortgage, and faces 30 years in prison.

Purchase activity dominated the period and experienced the most growth while refinances cooled off and home equity lines of credit made a comeback, according to Attom Data Solutions.

Many banks reported sharp declines in income from home loans during the second quarter. The large gains they enjoyed last year thanks to a surge in refinancing activity are unlikely to return, according to bankers and analysts.

Borrowers reacted positively to the increased interaction and engagement resulting forbearances and payoff requests, J.D. Power found.

The adverse market fee change could contribute to an increase in refinance volume, adds Mortgage Bankers Association economist Mike Fratantoni.