Originations

More than one-third of average wages is now needed for borrowers to make regular payments on the typical home, according to Attom. Meanwhile, the Mortgage Bankers Association found monthly costs rose 14% annually.

However, the company said it is exploring more "tech-forward solutions" to offer title and escrow services in the future.

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

The National Association of Realtors' index of contract signings to purchase previously owned homes dropped 2.7% to 76.5 last month, according to data released Thursday.

The loans accounted for 18.6% of conventional single-family dollar volume in April, quadrupling its share of business at the peak of the refinance boom, according to Corelogic.

The Federal Housing Administration plans to review and possibly adjust the large loan limit, which determines which mortgages need additional underwriting more regularly going forward.

The decision was announced shortly after industry players commented on the Federal Housing Finance Agency's proposed expansion of the document's use.

Purchase volumes reached their highest level since early May, but current numbers sit 30% lower than where they were a year ago, the Mortgage Bankers Association said.

The proposed legislation from Tennessee Republican John Rose calls for limiting the sale of consumer information to mortgage lenders, but includes stipulations for those with existing relationships.

Between 2004 and 2021, the share of originations under $150,000 has declined by 70%, forcing a growing number of consumers to seek alternative forms of financing instead of getting a mortgage, a Pew Charitable Trusts report found.