Economy

While the Freddie Mac survey found the 30-year fixed fell 11 basis points, other indicators, including the 10-year Treasury yield, have all increased.

Fannie Mae's economists are pessimistic about the future for existing home sales, reducing its purchase volume outlook in both 2024 and 2025.

Rising property values continue to buffer mortgagors against negative equity situations, Corelogic said.

The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.

The latest inflation news is almost sure to result in a 25 basis point cut next week, but some are still hoping for 50 basis points, as well as reductions totaling almost 200 basis points through the end of 2025, Wolters Kluwer found.

Mortgage originators are adding more refinance-specific products, as rate locks continued to rise in August.

The 10-year Treasury yield was down by 10 basis points from a week ago, but Freddie Mac reported no movement in mortgage rates while other sources found that they were down by 7 basis points.

But the purchase business that brings in three times the fee size as refinancings will be the driver of the improvement for the publicly traded title underwriters.

The sale of the $318 million-asset portfolio comes five weeks after the Greenville, South Carolina-based company agreed to sell its investment advisory unit.

Doug Duncan joined Fannie Mae in 2008 after holding the chief economist position at the Mortgage Bankers Association for almost 16 years.

Melody Taylor, the executive director of the Property Appraisal and Valuation Equity task force, said the interagency group went above and beyond expectations. She also defended it against common attacks from working appraisers.

The Federal Reserve's preferred measure of inflation held steady at 2.6% for the third month in a row, a positive reading that increases the odds of a September rate cut.

Recent rate movements have failed to result in significant purchase growth, but refinances are providing lenders some lift.

The 30-year fixed rate mortgage is lingering just shy of 6.5% level, which is not low enough to bring home purchasers back into the market, observers said.

The possibility of moving stalled housing bills forward combined with promises of down payment assistance is offering hope to housing advocates.

The changes laid out in the agreement are technical, revolving around paperwork consumers complete at the beginning of the buying or selling process, and they add new wrinkles to an already complicated undertaking.

Vice President Kamala Harris outlined a raft of populist economic proposals in her first major economic speech since securing the Democratic presidential nomination, including some aimed at lowering housing costs and boosting supply.

A sizable decline in the South may have reflected the impact of Hurricane Beryl.

While the total dollar volume of apartment originations fell last year, the number of companies making loans increased from 2022, the Mortgage Bankers Association said.

While other indicators all reported the 30-year fixed rate mortgage was lower on a week-to-week basis, Freddie Mac's survey increased for the first time in three weeks