Originations

Relationships with brokers will be terminated on Dec. 6, but company officials stressed there would be no impact to its loan servicing or other mortgage channels.

Loan activity overall came in higher for the second week in a row, with interest rates flattened following an extended volatile period, the Mortgage Bankers Association said.

Higher expenses pushed per-loan losses further into the red for the first time in three quarters and with lower production expected through the first three months of next year, the picture remains bleak.

But the company was profitable for the second consecutive period under standard accounting principles in the third quarter.

Freddie Mac's survey finds the 30-year fixed loan dropped 3 basis points, but Zillow's tracker showed since the FOMC announcement, they dropped 30 basis points.

The resolution ends the firm's brief challenge to feds over its designation to utilize more flexible underwriting as it meets underserved borrower thresholds.

At the same time, the 15-year fixed rate loan rose above 7% for the first time in nearly 23 years, Freddie Mac reported.

If the Federal Housing Administration's rulemaking on home equity conversion mortgages were to go into effect as written, borrower contributions would be reduced by thousands of dollars.

The Fed's higher for longer statements have pushed up the 10-year Treasury in recent weeks to levels last seen in 2007 and that is affecting pricing.

But the industry will still have to go through some pain in 2024, Wharton Professor Susan Wachter told attendees at the Mortgage Bankers Association annual convention.

While great progress has been made towards the goal of reducing capacity by 30%, job reductions should continue for several more quarters.

The average interest rate for the 30-year loan rose for the fifth consecutive week, according to Freddie Mac, but Treasury yields did move lower.

The current Treasury yield curve is leading homeowners to pay mortgage rates at least 120 basis points more than they should, equal to an extra $245 a month on a $300,000 loan, their letter said.

One in every 123 purchase applications showed indications of fraud in the second quarter, outpacing the first, the report found.

While some observers believe that by year-end, the 30-year FRM would be lower than current levels, chatter about an 8% mortgage exists.

Loan activity fell for a second consecutive week, dropping to levels last seen in 1996, as a potential government shutdown loomed.

A combination of economic and environmental factors are sending property and flood coverage premiums soaring, which can make costs insurmountable for some.

Even though the average for the 30-year fixed loan declined for the second straight week, a buoyant economy will affect future movements, Freddie Mac said.

Purchase-loan activity dropped again to its most subdued level in close to three decades, while refinances saw their smallest numbers in eight months, according to the Mortgage Bankers Association.

The reduction in employment followed a rise in rates this summer, but hiring has generally been stable since spring.