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%.

New data offered the strongest evidence yet that price pressures have peaked.

Nonbanks would have to inform the CFPB of any state or local court decisions against them involving consumer financial products, under a new proposed rule. That information would be pooled with data about federal violations and be made available to the public.

The cut occurred across departments and included the dismissal of the company's head of mortgage.

Following peaking at 7.08% on Nov. 10, the 30-year fixed has come down three-quarters of a percentage point, Freddie Mac said.

New York, Chicago and Philadelphia led the list of large metropolitan markets considered vulnerable to a downturn, based on analysis from Attom.

The benchmark 10-year Treasury in particular tumbled 11 basis points between Wednesday's close and Thursday's open.

Allowing Fannie Mae and Freddie Mac to buy these loans encourages consumers to purchase more expensive homes, the group said.

Approximately 41% of respondents to a LendingTree survey think one will occur in the next 12 months, with three-quarters feeling it may be worse than in 2008.

The homeownership gap between Black and white populations has widened in the years since the Great Recession, putting obstacles in the way of achieving wealth for a large percentage of Americans. How did we get here, and what do the housing and home lending industries need to do to change the current course?

A group of House lawmakers on both sides of the aisle is pushing to expand the Low-Income Housing Tax Credit as the supply of affordable housing remains tight.