Government

Freddie Mac reports that 2023 has begun with a second consecutive week of mortgage rate hikes, with app activity sinking to a quarter-century low as high rates continue to weaken the housing market.

Mortgage rates trended upward to close out the year, as Freddie Mac’s Chief Economist forecasts the housing will remain weak throughout the winter.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

With housing affordability remaining an issue nationwide, the CFPB's Making Ends Meet report—an annual survey of consumer financial health—shows many downtrends in consumers’ ability to repay their debts.

Fannie Mae and Freddie Mac will now need Federal Housing Finance Agency approval—and possibly public comment—before offering new products, in order to ensure safety and soundness standards.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

“This far-reaching agreement is an important milestone in our work to transform the operating practices at Wells Fargo and to put these issues behind us,” said Charlie Scharf, Wells Fargo’s CEO.

Under HR 7735, servicemembers, veterans, and their families will have increased access to more affordable, sustainable homeownership opportunities through the Department of Veterans Affairs.

According to new MBA Builder Application Survey data for November 2022, findings show mortgage applications for new home purchases decreased an estimated 25% compared to a year ago.

Fannie Mae’s Economic & Strategic Research Group now forecasts recessionary conditions taking a hold of the market during Q1 2023, even after forecasting better fourth-quarter numbers due to strong GDP and personal consumption figures.