Volumes

“In recent years, housing inventory constraints and home-price appreciation have resulted in rising average loan balances for single-family homeownership. Yet, financing lower balance loans is an essential way for the mortgage industry to facilitate access to affordable, lower-valued homes,” said MBA’s VP of Industry Analysis Marina Walsh, CMB.

"After essentially flattening earlier this year, year-over-year home price growth has been reaccelerating for the last few months," said Andy Walden, ICE VP of Enterprise Research.

NAR reports that pending home sales dropped in all four U.S. regions month-over-month and compared to one year ago, as mortgage rates above 7% continue to impact homebuying.

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

In its annual report on residential mortgage lending activity and trends, the Bureau found that mortgage lending fell in 2022 amid a significant rise in interest rates and discount points.

According to NRMLA, senior home equity rebounded in the second quarter of 2023, as housing wealth for U.S. homeowners aged 62 years and older rose by $820 billion in Q2.

As mortgage rates advanced upward to levels last seen 20 years ago, the MBA reports overall application volume slipping yet again after a quick one-week rebound.

Month-over-month, HUD and the Census Bureau reported an 8.7% drop-off in new home sales in August, with sales impeded by mortgage rates over the 7% mark.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index trended upward in July, with 19 of the 20 major U.S. metro markets reported month-over-month price increases.

"Home sales have been stable for several months, neither rising nor falling in any meaningful way," said NAR Chief Economist Lawrence Yun.