Economy

Indicators reflect declines in consumer expectations and factory orders that underscore risks of a recession. 

Single-family property sales ran at a seasonally adjusted annual rate of 725,000 units last month, a 13.1% increase from December.

Investors are concerned that the Fed could raise rates 50 basis points at its next meeting and are pricing that risk into the 10-year Treasury.

Non-depositories now dominate home lending, but many of these firms were untested until they had to grapple with the current rising rate environment. How they fare could significantly impact the rest of the mortgage market and, more specifically, the Government National Mortgage Association.

Weaker economic conditions, rising interest rates and expected changes in investment returns drove the reduced expectations, the Mortgage Bankers Association said.

Median expected growth in household income declined 1.3 percentage point to 3.3% in the January survey, the largest monthly drop in data going back almost ten years, the New York Fed found in a report released Monday.

Federal Home Loan banks aren't doing enough to address the shortage of affordable housing in the U.S., FHFA Director Sandra Thompson says. Some of their members are instead using advances to manage liquidity and perhaps engaging in crypto-related and other activities that put the Deposit Insurance Fund at risk, she says.

The central bank has raised rates aggressively for nearly a year, but experts believe the hiking cycle is nearly over.

Both Zillow and Black Knight Optimal Blue recorded significant increases, but the Freddie Mac survey only reported a 3-basis-point rise.

The Fannie Mae Home Purchase Sentiment Index rose for the third straight month, but concerns about affordability still weigh heavily on the minds of many Americans.