Originations

More than half of pandemic gains have been erased, but how the mix of stronger than expected overall employment and other developments will affect rates remains uncertain.

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.

A week after it dropped to a 28-year low, purchase activity decreased again by over 5%, according to the Mortgage Bankers Association.

Financial terms were undisclosed for the most recent acquisition.

Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.

Persistent inflation concerns drove the 30-year average up 41 basis points this month.

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

Weaker economic conditions, rising interest rates and expected changes in investment returns drove the reduced expectations, the Mortgage Bankers Association said.