Originations

The amounts canceled may not clear away enough debt to help all recipients immediately qualify or improve their ability to repay, but over time the savings may bolster originations and performance.

Better-than-expected economic data helped lead to the steep acceleration of the 30-year average, while the 15-year also shot up.

Some housing numbers have been weaker than expected because affordability remains relatively low, outweighing slightly higher refinancing that has an upside for lenders but a potential downside for servicers.

Activity is coming in at or below 2020 levels according to reports from the Mortgage Bankers Association and Redfin.

The REIT did not issue a securitization in the period because of the upheaval, but found a more receptive marketplace in July.

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

Volumes set a record in 2021 and they've held up better than expected this year, but declines are forecasted for the sector some banks are using to partially offset single-family's slump.

At the same time, homes bought with FHA-backed loans accounted for the smallest share since 2007, according to an Attom sales report.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.

Following their largest drop in over a decade one week ago, averages rapidly swung upward as recession talk receded.