Purchase

Point of sales providers are bringing improvements to their systems as loan officers look for ways to keep their pipelines active.

As home values surged at record highs, the latest month-to-month movements indicate price growth could start returning to a pre-pandemic pace, according to the Federal Housing Finance Agency.

But the 10-year Treasury yield began backing down after the weekend as investors reacted to turmoil in Europe.

Despite a 3% increase in new mortgages, overall applications dropped 2% on a consecutive-week basis due to a 5% decline in refis, according to the Mortgage Bankers Association.

These trends, in addition to the increase in appraisal contingency waivers, could add risk to mortgage lender businesses.

Also: How 9.3 million renters could enter the purchase market, lessons from Flagstar’s data breach and a possible 15-year plan for Fannie and Freddie.

Household formations, looser credit and an improved economy will overcome higher rates — and even the inventory shortage.

While the economic recovery and stimulus checks drove upward movement in purchases, it wasn’t enough to offset tumbling refinance activity.

Apart from saving more money, millennials prefer to spend their savings on a home down payment, Zonda economist Ali Wolf said.

“Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” MBA’s Joel Kan said.