Lending and Originations

Mortgage application payments increased slightly in August to $2,170, according to MBA's Purchase Applications Payment Index, while overall homebuyer affordability declined, as homebuyers’ budgets continue to be impacted by high home prices and mortgage rates above 7%.

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

In its annual report on residential mortgage lending activity and trends, the Bureau found that mortgage lending fell in 2022 amid a significant rise in interest rates and discount points.

According to NRMLA, senior home equity rebounded in the second quarter of 2023, as housing wealth for U.S. homeowners aged 62 years and older rose by $820 billion in Q2.

As mortgage rates advanced upward to levels last seen 20 years ago, the MBA reports overall application volume slipping yet again after a quick one-week rebound.

Month-over-month, HUD and the Census Bureau reported an 8.7% drop-off in new home sales in August, with sales impeded by mortgage rates over the 7% mark.

The National Consumer Law Center has issued a report on how errors and bias in the screening process disproportionately harms Black and Latino/Hispanic renters.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index trended upward in July, with 19 of the 20 major U.S. metro markets reported month-over-month price increases.

Bringing more than 35 years of financial services experience to his new role, John Erickson becomes the 10th member of National MI’s Board of Directors.

A new survey from Snapdocs has found that 74% of lenders have invested in digital closing technology, yet only 28% of that total have achieved an adoption rate of 60% or better.