Economy

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

The agency’s new chief said eliminating the “adverse market fee” — in place since December — will make it easier for families to refinance while mortgage rates are still low.

The bank's noninterest expenses fell by 8% in the second quarter — a sign that CEO Charlie Scharf is making progress in reining in spending that had been soaring in recent years amid heightened regulatory scrutiny. He ultimately hopes to reduce gross expenditures by $8 billion annually.

The return of more normalized numbers for two key players in the home loan market could be the lead-up to a wave that’s been anticipated since the coronavirus arrived.

In states where it is legalized, cannabis sales tax revenues led to greater home value appreciation through community reinvestment, according to an analysis by Clever Real Estate.

The New York-based lender projects it has a $3.6 trillion market opportunity outside of the U.S.

A Virginia-based builder announced a line of manufactured housing that features clean energy technology, reduced waste and “plug-and-play” assembly.

After lumber futures skyrocketed to an all-time high in mid-May, prices fell by more than half at the end of June.

The plateau in non-depository estimates for new jobs in the field reported Friday follows anecdotal accounts of reorganization by banks and nonbanks in the past week.