Origination

As the housing market continues to rebalance, a new Zillow survey of agents reveals the top misconceptions among aspiring homebuyers and sellers.

“The Brookings Institute showed a robust relationship between lower valuations and Black neighborhoods,” wrote Jonathan Liles, Senior Financial Analyst for the FHFA.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

“Surveyed lenders cited personnel expenses as the primary factors driving up loan origination costs over the past two years,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021.

According to a new LendingTree study, the average down payment on homes across the 50 largest U.S. metros analyzed has now topped $62,000, an overall 35% increase compared to 2021.

The Office of the Comptroller of the Currency (OCC) has approved the merger deal between NYCB and Flagstar Bancorp, however NYCB's acquisition of Flagstar remains subject to the approval of the Federal Reserve Board.

HUD Secretary Marcia L. Fudge will host a virtual event geared toward young adults to help dispel common myths and barriers to buying a home in today’s market and how federal programs can help smooth the path to homeownership.

For the first time since April 2022, mortgage rates have surpassed the 7% mark, with many potential buyers now waiting to see where the market is headed, thus pushing home prices further downward.