Originations

Last month saw purchase rate locks increase by 44%, jumping past the 30% average in February, according to Black Knight's report.

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

But attorneys for the small Chicago-based mortgage company remained defiant and actually welcomed the Bureau's move.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

However, the benchmark 10-year Treasury yield pushed back up 15 basis points from a week ago as the markets settle following the recent bank failures.

The economic situation is more like what happened during the mid-'80s thrift crisis than the 2008 downturn, said Chief Economist Doug Duncan.

The agency, which oversees government-related investors that set underwriting parameters in the U.S. mortgage market, estimates the process will begin in 2024.

And in January, all-cash buyers reached their highest share in nine years, at 32.1%, Redfin said.

The failures of Signature Bank and Silicon Valley Bank have already rocked mortgage rates but aren't expected to rattle lines of credit provided by depositories, home lenders say.

The new fees based on the DTI, which lenders have said is too likely to vary throughout the origination process for a single loan, will now go into effect in August.