Mortgages

But refinances saw an upturn and pushed overall loan activity higher in the first week of 2023, the Mortgage Bankers Association said.

Many industry stakeholders have been watching certain credit measures closely for signs that underwriting is loosening out of concern it could do so excessively, but indicators still show it's historically tight.

Among current investors in the market, 7% are between 18 and 29 years old, while 15% of those looking to make their first purchases also belong to the same age group, according to a new study.

Among its major accomplishments in the past year were an update to its Reference Model, the foundation for most of its standards.

MSR trading is picking up a little from its seasonal lull but values may not get as high as they did last year, some experts say.

Declining mortgage rates and home prices drove more positive views compared to the prior month, but December's overall outlook remained negative, Fannie Mae said.

In a Jan. 1 reshuffling the mortgage giant also promoted its former wholesale chief to chief revenue officer of Rocket Mortgage.

The sector is not immune to the same economic instability that affects the single-family residential market, the Mortgage Bankers Association said.

Other investors could step into the breach as depositories depart, and the strain on nonconforming borrowers might not be that bad, recent forecasts suggest.

However, trackers from Optimal Blue and Zillow found that rates moved in line with the drop in the 10-year Treasury yield.

Federal Reserve Bank of Kansas City President Esther George said the central bank should raise its benchmark interest rate above 5% and hold it there well into 2024 to bring inflation down.

The change allows for more accessible financing options for a greater number of listings, but not all of those potential buyers qualify for conforming mortgages, Zillow said.

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.

Claims from a more recent storm that caused some overlapping property damage are also mounting, according to the Federal Emergency Management Agency.

Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.

In October, the company acquired Roscoe State Bank in Texas, which means employees are now working for a depository and therefore exempt under the SAFE Act.

Increases in values were more likely to stick across the Central U.S, while pandemic boomtowns experienced the biggest declines in median housing costs, according to Realtor.com.

Prices were up by less than 9% year-over-year, according to CoreLogic's report.

The sleepy Federal Home Loan Bank System is under intense scrutiny as critics push for more oversight and increased affordable housing while supporters say the system works well for member banks.