Originations

Renovations, already the leading use for these borrowings, increased their share to nearly two-thirds of the products' market, the Mortgage Bankers Association said.

The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.

However, both Zillow's and Optimal Blue put the 30-year fixed mortgage lower than where it was seven days prior.

The Mortgage Bankers Association attributes this to muted demand for home purchases and companies trimming their operations.

Ten Western states that benefited from a pandemic-driven boom reported value declines in May, CoreLogic said.

The May uptick in nonbank housing-finance payrolls came almost entirely from lender hiring as loan broker numbers plateaued and construction demand persisted.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

Some pandemic-related gains have been ceded to depositories, national numbers from last year's Home Mortgage Disclosure Act reporting confirm.

The loans accounted for 18.6% of conventional single-family dollar volume in April, quadrupling its share of business at the peak of the refinance boom, according to Corelogic.

Researchers at the government-sponsored enterprise also maintained their outlook for a modest recession but moved anticipated onset to the fourth quarter this year.

The markets had a muted reaction to the Federal Open Market Committee pause on raising short-term rates a week ago, Freddie Mac found.

But the Mortgage Bankers Association also raised the dollar volume that it predicts the purchase market will originate this year.

Both loan volumes and interest rates came in mostly flat, but the jumbo average ran ahead of the conforming for the second week in a row, the Mortgage Bankers Association said.

The findings from Standard & Poor's show little impact from the Federal Housing Finance Agency's proposal regarding what information is required to underwrite a conforming mortgage.

Monetary policy officials have finally gone a month without tightening but made it clear more action could lie ahead, suggesting it could be awhile before housing finance costs consistently fall.

A larger share of sellers were optimistic in May, but the percentage of enthusiastic buyers fell, according to Fannie Mae's Home Purchase Sentiment Index.

The Berkshire Hathaway unit first invested in the underwriter in May 2022. Previously it was wholly owned by Realogy.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

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.