Government

As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.

Five finalists have been named for the Five Star Institute Keys in Hand Award, shining the light on women in the industry who have spearheaded efforts to increase homeownership opportunities for all.

“Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “Last week’s decline was driven by a 5% drop in refinance applications, to the weakest reading since January 2023.”

Meet the five finalists for the Five Star Institute’s 2023 Leadership Award, who will be recognized by their peers for assembling diverse teams and fostering women leadership roles in C-Suite roles at the Women in Housing Leadership Awards Luncheon.

Through issuance of updates to its Housing Counseling Program Handbook, HUD will provide participants with the latest guidance to assist consumers with their housing needs, including enhanced guidance on HECMs.

“Mortgage rates once again breached the 7% mark in August, hitting a 22-year high and doing no favors for consumer sentiment,” said Doug Duncan, Fannie Mae SVP and Chief Economist.

“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.

After settling FTC concerns order over antitrust issues surrounding ICE’s acquisition of Black Knight, the deal has been finalized, with federal regulators dropping their opposition to the acquisition.

"Housing choice vouchers are some of the strongest tools we have to help families find stable and affordable housing," said U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge. "This year, HUD found that rents rose once again, accentuating the strain on costs for American families.”

A response to the affordable housing crisis should include a focus on bringing existing homes up to adequate standards, analysts from Harvard University’s Joint Center for Housing Studies say.