Lending and Originations

As the fixed-rate mortgage fell to a near-five-month low, prospective buyers and those seeking refis brought life into the marketplace, boosting mortgage apps 27.9% over last week’s totals.

Some of the pain the mortgage industry is experiencing is self-inflicted and can be corrected, as Louis Zitting of MonitorBase explains there is still time to pivot, salvage what’s left, and develop a path forward to experience success.

Fannie Mae’s Jake Williamson and Appraisal Institute President Craig Steinley share their perspective with MReport about how the industry is working to improve the appraisal process in 2023.

New Redfin data reveals that Google searches for “homes for sale” were up nearly 50% from their November low during the week ending January 7. Here’s what else the data reveals about the state of the housing market.

NAHREP and homegenius will be hosting a complimentary webinar moderated by Jason Riveiro, Executive Director & COO, NAHREP, and featuring insights from agents and industry subject-matter experts.

Joel Kan, MBA’s VP and Deputy Chief Economist, said, “The doubling of mortgage rates over the past year caused credit availability to shrink 18% during the same period. This pivot in the market resulted in lenders exiting certain origination channels to manage their operational costs or stop lending altogether.”

The 2023 mortgage market began on a positive note, as Freddie Mac reported a week-over-week slide in mortgage rates leading to an uptick in refinance apps.

The MBA reports that, despite rates still in the 6% range, refinance apps increased 5% over the previous week—but are still 86% lower year-over-year.

Program applicants are invited to apply for grants of up to $3 million to scale solutions to housing challenges in markets lacking affordable housing.

Redfin reports that 2023 has begun with homes selling for nearly the same price as a year earlier, with nationwide prices up just 0.5% year-over-year.