After a slight break last week, Freddie Mac reports the fixed-rate mortgage inched closer toward the 7% mark, as recessionary concerns and housing affordability continue to drive down housing demand.

The latest data from NRMLA/RiskSpan finds U.S. homeowners 62 and older experiencing housing wealth growth of 4.10% or $456 billion in the second quarter of 2022, marking a new all-time high.

As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.

Credit availability fell to its lowest level since March 2013 in September, as reports show credit tightening for the seventh consecutive month.

New annual allowance from the GSE will assist in the development of housing and workforce housing units to expand the affordable housing supply initiative nationwide.

Paul C. Hammann joins Agents National Title as Pacific Northwest Agency Manager and the company also names Kara Elgin as Central States Underwriting Counsel.

Walmart-based mortgage branches, powered by Lenders One members, will offer prospective homebuyers access to mortgage origination solutions within their local communities.

On the heels of the Fed’s rate hike, mortgage rates edged near the 7% mark last week but trended back downward this week amid ongoing economic uncertainty.

New research from HUD reveals the policy implications regarding small-dollar mortgages, which comprised less than 3.5% of overall home purchase originations in 2020.

Mortgage rates continue to trend upward, with more buyers retreating from the marketplace, as the MBA reported a 14.2% weekly decline in overall app volume.