Originations

The median monthly amount on new purchase applications fell for the first time since early summer, according to the Mortgage Bankers Association.

At the same time, the 15-year fixed rate loan rose above 7% for the first time in nearly 23 years, Freddie Mac reported.

That's the higher-end estimate of people who will be eligible for government-related financing when expanded metrics are used as part of an initiative to expand access to homeownership.

After regulators deemed special-purpose credit programs compliant with housing law, their numbers have grown, but lenders are still trying to determine the best way to develop them and achieve their intended purpose.

If the Federal Housing Administration's rulemaking on home equity conversion mortgages were to go into effect as written, borrower contributions would be reduced by thousands of dollars.

Despite the overall decline, refinances saw an uptick even as rates approached 8%, with volumes up in both conventional and government-sponsored markets, the Mortgage Bankers Association said.

The market for new homes has broadly held firm in the face of decades-high mortgage rates and elevated housing prices.

Until now, National MI and Essent did not have direct ties with the legacy platform, although they are already on the newer enterprise loan origination system.

The company's builder and mortgage banking segments both ended up in the black, as sales for new constructions outperform the existing-home market.