Economy

However, the jobs picture for December was better than what was expected, the Bureau of Labor Statistics data found.

The sector is not immune to the same economic instability that affects the single-family residential market, the Mortgage Bankers Association said.

However, trackers from Optimal Blue and Zillow found that rates moved in line with the drop in the 10-year Treasury yield.

Difficult economic conditions will persist, with inflation and a potential recession weighing on minds, but investment in mortgage technology remains a priority, according to new survey research.

Special purpose credit programs, down payment assistance and potential mortgage insurance premium cuts came into focus over the past year.

The past 12 months were chock full of impactful changes to the home lending industry but keep an eye on these in particular in the new year.

But the 15-year interest rate rose last week, in line with 10-year Treasury yields, as bond investors used a quiet week to reflect on broader trends.

But the lower rates of the past month did result in a $7-billion boost to its origination forecast for 2022.

Former Treasury Secretary Lawrence Summers said that the latest U.S. inflation numbers were encouraging and that the coming likely recession may arrive later than previously thought. 

This was the fifth week in a row the Freddie Mac Primary Mortgage Market Survey reported a decline in the 30-year rate after peaking at 7.08%.