Mortgages

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.

The average monthly payment dropped by more than one percent from October.

But at least one trade group said the Federal Housing Finance Agency needs to be careful to avoid restraining innovation and new product development.

Loans with payments late by a year or more were the biggest sub-category within the distressed portfolios a year ago, but now mortgages that've been late for 30-59 days are.

The Federal Housing Finance Agency said it would heed the recommendation from a report by its Office of the Inspector General released this week.

Refinances saw an uptick for a third straight seven-day stretch, but purchases flattened during a typically slow home buying period, according to the Mortgage Bankers Association.

The Federal Housing Administration cited concerns that included the seasonal "tripledemic" and staff shortages at servicers.

Sales of previously owned U.S. homes fell for a 10th-straight month in November, extending a record decline as high mortgage rates continue to stifle affordability.

Investor whims and secondary market conditions make any pivot away from fixed-term products a riskier proposition for nonbanks, mortgage advisory group Stratmor said.

The pending merger of Black Knight and ICE threatens to create a monopoly not unlike Ticketmaster, writes the chief executive officer of Figure Technologies.

The lender plans to grow the segment by relying on account executives and their connections, the company's SVP of sales said.

The cooldown in U.S. housing should show up in official inflation data next year, according to a new index that aims to capture changes in rental markets without the usual lag. 

The final rule also orders the government-sponsored enterprises to give advance notice of new activities to determine if they are subject to these procedures.

The bill will require the agency to codify the use of desktop appraisals.

Though housing is experiencing severe rate-related stress, mortgage banking remains central to the Denver-based bank's business model. The Texas market has held up better than much of the rest of the country, company executives say.

Lower rates brought some purchasers back to the market in November but activity remains lower than one year ago, the Mortgage Bankers Association said.

In a sprawling consent order, the Consumer Financial Protection Bureau order cited mismanagement that extended from auto loans to mortgages and deposit accounts. Wells Fargo CEO Charlie Scharf called the agreement a critical milestone to "put these issues behind us."

The latest fluctuations in some subsets of the Mortgage Bankers Association's numbers suggest it's getting a little more difficult for entry-level buyers to keep paying their loans.

New U.S. home construction continued to decline in November and permits plunged as high borrowing costs paired with widespread inflation eroded housing affordability and demand.

Title insurers are lobbying Congress eliminate alternatives to their products, writes the founder of iTitleTransfer.