Originations

Values declined in two regions and were flat in two others, according to the Federal Housing Finance Agency.

The S&P CoreLogic Case-Shiller index measures a period when 30-year mortgage rates were climbing toward 8%, shutting out increasing numbers of would-be homebuyers.

Rates that have been below 7% for two consecutive weeks have given originators a gift at what's typically a slow time of year, Freddie Mac said.

Activity fell despite an ongoing slide in rates, but elevated interest in VA loans, particularly refinances, managed to lift the government-sponsored index higher by a fraction, the Mortgage Bankers Association said.

The outstanding amount that people ages 62 and up hold represented a nearly $15.4 billion gain in property value offset by a record $2.32 billion in borrowing.

The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.

The enterprise is now calling for a recession to start in the second quarter of next year, with negative growth expected for the full year.

The Fed's announcement is responsible for a 19 basis point drop in the 10-year yield over a two-day period, pushing the 30-year fixed under 7% for the first time since August, Freddie Mac said.

Falling interest rates are behind a recent spike in government-backed lending as well as refinances, according to the Mortgage Bankers Association.

Decreasing availability of jumbo and non-QM products accounted for most of November's pullback, as other types of loan offerings saw minimal changes, the Mortgage Bankers Association said.