Origination

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

“Surveyed lenders cited personnel expenses as the primary factors driving up loan origination costs over the past two years,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021.

According to a new LendingTree study, the average down payment on homes across the 50 largest U.S. metros analyzed has now topped $62,000, an overall 35% increase compared to 2021.

The Office of the Comptroller of the Currency (OCC) has approved the merger deal between NYCB and Flagstar Bancorp, however NYCB's acquisition of Flagstar remains subject to the approval of the Federal Reserve Board.

HUD Secretary Marcia L. Fudge will host a virtual event geared toward young adults to help dispel common myths and barriers to buying a home in today’s market and how federal programs can help smooth the path to homeownership.

For the first time since April 2022, mortgage rates have surpassed the 7% mark, with many potential buyers now waiting to see where the market is headed, thus pushing home prices further downward.

Homebuyer affordability plummeted again in September according to the latest MBA analysis, with scarce supply, affordability constraints, and economic uncertainty continuing to hinder potential homebuyers.

With fixed-rate mortgages up nearly 195 basis points since mid-summer lows, new single-family homes tumbled in September, with more homeowners opting to remain in their current homes amid the erratic rate environment.

"After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers," said Nick Bailey, RE/MAX President and CEO.