Economy

The new review requirements are set to go into effect in mid-September and will replace temporary guidance put in place following a 2021 building collapse.

The Home Loan banks are failing to serve huge numbers of Americans because of their reliance on outdated credit scoring models.

A vast majority of the pool, 86.35%, consists of primary homes. Investment properties and secondary homes, meanwhile, account for 11.29% and 2.36% of the collateral.

But the 30-year fixed remained in a tight range as investors digest mixed economic signals, including on inflation.

Over one-third of the struggling borrowers who received recast loan terms in the first quarter cut their monthly obligation by 20% or more.

With new construction activity at the highest level in more than a year, the Federal Reserve Bank of Atlanta's GDPNow tracker is projecting residential investment added 0.1% to growth in gross domestic product in the second quarter.

The legislation has support among Republicans, who hold a slim majority in the chamber.

Gross domestic product is now forecast to only contract in the final three months of the year, and it's projected to merely stagnate in the third quarter instead of shrink, a June survey showed. 

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

But the Mortgage Bankers Association also raised the dollar volume that it predicts the purchase market will originate this year.

Fee hikes at the government-sponsored enterprises are one remedy, the government-sponsored enterprise's regulator noted in its annual report to Congress.

Alimited supply of existing homes continued to spark interest in new construction, the National Association of Home Builders found.

The government-sponsored enterprise's chief executive managing the issue is looking at how things like roof pitch can mitigate the impact of natural disasters on homes.

While home sales should remain constrained this year because of higher rates, growth in the entry-level market has far outpaced that for above-median income families.

The average for the 30-year fixed slipped 2 basis points in anticipation of the Federal Open Market Committee pausing short-term rate hikes, said Sam Khater, chief economist.

Economic analysis from the real estate advisory CBRE finds that community banks are particularly imperiled by their exposure to commercial real estate loans. Others see looming risks in indirect lending.

But Zillow's rate tracker came in flat, while Optimal Blue's rose 10 basis points from its low last Thursday.

Approximately 320,000 properties valued up to $256,000 are missing from the market, a report from the National Association of Realtors and Realtor.com found.

But on a cumulative basis since 2013, the unpaid principal balance of reference pools is higher at Freddie Mac, according to the Federal Housing Finance Agency.

But scarce housing inventory has helped to bring home equity values back upward, offsetting some of the losses of late 2022.