Lending and Originations

Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.

Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.

Rep. Maxine Waters has reintroduced a legislative package addressing affordable housing, preventing homelessness, and reducing the gap in homeownership.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.

A veteran of two decades in the industry, David Smith is promoted to new role with Truist, leading strategy and execution for all areas of mortgage including originations, fulfillment, nationwide direct channels, correspondent, warehouse lending, and servicing.

Amid larger macroeconomic uncertainties, the total homeownership rate can be attributed to the strong growth in the below-median income homeownership rate, which has sharply increased since 2016.

For the first time in nearly 11 months, solid demand, a lack of existing inventory, and an improvement in supply chain efficiency have all contributed to an uptick in home builder confidence nationwide.

Nominations have opened for the 2023 Women in Housing Leadership Awards, set to be presented this September at the 20th Annual Five Star Conference and Expo at the Hyatt Regency in Dallas, Texas.

FICO will host its “Score a Better Future” educational webinar to provide consumers with the knowledge and tools to gain better insight into their financial health along the road to homeownership.