Originations

But there are regional variations in housing markets across the country, the Federal Housing Finance Agency said.

Home purchasers had to come up with 0.9% more in April versus what they would have paid in March and 11.8% higher on a year-over-year basis, the Mortgage Bankers Association said.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

The government-sponsored enterprise only tweaked the two-year mortgage origination forecast, with a $6 billion reduction for 2023, but an increase of $7 billion for 2024.

Jobs numbers, inflation data and the continued debate over raising the debt ceiling are factors applying upward pressure.

Although issuance of new securitizations has been low compared to year-ago levels, it rebounded as spring buying began

Brian O'Shaughnessey's latest venture, Imperial Bancorp, LLC, is set to secure licensing in the next four to six months, when he expects that "spreads and interest rates will tighten and loans will be worth more."

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Housing costs increased at the slowest pace in over a decade nationwide, even while monthly growth now exceeds its pre-pandemic level.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.