Originations

The 30-year average declined for the fifth consecutive week, as purchase demand picking up at the same time, according to Freddie Mac.

Kenon Chen, executive vice president, strategy and growth, at Clear Capital, discusses data sourcing that can best serve the mortgage and underwriting process and how it can be done in an ethical way to achieve maximum benefit.

The top five lenders have a combined retail home loan volume of more than $26 billion at the end of Q3 2023.

Under the proposal, the maximum allowable rehabilitation costs for the agency's limited program will rise to at least $50,000 to account for increases in repair expenses.

Rising purchase activity countered falling refinances, as declining interest rates helped bring some aspiring buyers to market, the Mortgage Bankers Association said.

Of the top five factors influencing a home buying decision, an Assurance IQ survey of real estate agents said price and affordability was at the top, followed by financing & mortgage options.

The hike was driven by modest home price gains this year, following a larger conforming loan limit boost in 2022 in reaction to then-double-digit home price growth.

Purchases of new single-family homes decreased 5.6% to a 679,000 annualized pace last month, government data showed Monday.

Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.

Both purchases and refinances saw an uptick in applications, but total numbers are still more than 16% lower from a year ago, the Mortgage Bankers Association said.