Origination

“We forecast single-family purchase mortgage originations to be $1.32 trillion in 2023 and $1.41 trillion in 2024, representing downward revisions of $41 billion and $60 billion, respectively, relative to last month’s forecast,” the ESR said.

"High inflation and the Fed's actions to curb it have had a significant impact on the housing market this year. And while inflation has begun to ease, the sustained spike in mortgage rates was enough to stifle the housing market after several years of low rates and strong activity," said Realtor.com Chief Economist Danielle Hale.

Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.

Thirty-plus-year industry veteran brings experience in anti-money-laundering, risk management, and law enforcement to his new role heading up the company’s Financial Crimes and Fraud Solutions Practice.

Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.

Rep. Maxine Waters has reintroduced a legislative package addressing affordable housing, preventing homelessness, and reducing the gap in homeownership.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.

A veteran of two decades in the industry, David Smith is promoted to new role with Truist, leading strategy and execution for all areas of mortgage including originations, fulfillment, nationwide direct channels, correspondent, warehouse lending, and servicing.

Amid larger macroeconomic uncertainties, the total homeownership rate can be attributed to the strong growth in the below-median income homeownership rate, which has sharply increased since 2016.