Daily Dose

With housing affordability remaining an issue nationwide, the CFPB's Making Ends Meet report—an annual survey of consumer financial health—shows many downtrends in consumers’ ability to repay their debts.

“Today’s affluent homebuyers are motivated to pay in cash because the surge in mortgage rates makes them want to avoid loans—and the high monthly interest payments that come with them—altogether,” said Redfin Economics Research Lead Chen Zhao.

While the market continues to moderate, existing home sales slipped nearly 8% from October and 35.4% from the previous year, according to the National Association of Realtors.

Fannie Mae and Freddie Mac will now need Federal Housing Finance Agency approval—and possibly public comment—before offering new products, in order to ensure safety and soundness standards.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.

Under HR 7735, servicemembers, veterans, and their families will have increased access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs.

Reaching their lowest point of the year, new listings dropped 21.4% from October, while home sellers also saw median sales price slip, though numbers remain nearly 4% higher than November 2021.

Not everyone who wants to build a home or invest in residential real estate can get the financing they need. Michael Isaacs of GO Mortgage examines the opportunities that exist within these scenarios.

According to new MBA Builder Application Survey data for November 2022, findings show mortgage applications for new home purchases decreased an estimated 25% compared to a year ago.