Origination

"This year's hottest markets will feel much chillier than they did a year ago," said Anushna Prakash, Economic Data Analyst at Zillow.

Joel Kan, MBA’s VP and Deputy Chief Economist, said, “The doubling of mortgage rates over the past year caused credit availability to shrink 18% during the same period. This pivot in the market resulted in lenders exiting certain origination channels to manage their operational costs or stop lending altogether.”

The 2023 mortgage market began on a positive note, as Freddie Mac reported a week-over-week slide in mortgage rates leading to an uptick in refinance apps.

The MBA reports that, despite rates still in the 6% range, refinance apps increased 5% over the previous week—but are still 86% lower year-over-year.

Program applicants are invited to apply for grants of up to $3 million to scale solutions to housing challenges in markets lacking affordable housing.

The latest Mortgage Monitor Report published by Black Knight revealed that, even amid typical seasonal downturns, rate lock volumes declined to record lows in year-end data.

Redfin reports that 2023 has begun with homes selling for nearly the same price as a year earlier, with nationwide prices up just 0.5% year-over-year.

Non-QM specialist adds 15-plus year industry veteran who will be responsible for assisting Mortgage Brokers and Correspondent Lenders scale their non-QM business operations.

The wild ride known as the U.S. housing market slowed dramatically in the fall of 2022, as mortgage rates surged and home prices remained high.

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.