Economy

Originators increased program offerings for the fifth consecutive month, but overall credit availability remains tight, the Mortgage Bankers Association said.

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.

Mortgage rates rose this week as investors priced stronger than expected inflation and jobs affecting Fed moves into the 10-year Treasury.

The memorandum creates channels for sharing information about nonbanks between the Federal Housing Finance Agency and the Conference of State Bank Supervisors.

The 30-year fixed rate mortgage, the movements of which have been volatile in recent weeks, is expected to stay in the range of 6.5% for the first half of the year before trending down, Freddie Mac said.

Instability in mortgage rate movements should continue in the weeks ahead, even with Fed Chairman Jerome Powell's comments on inflation.

Fannie Mae's latest forecast now predicts rates to be half a percentage point higher, and volume to be $1.5 trillion lower than previously expected in 2024.

The average 30-year fixed mortgage rate for conforming loans fell, according to Freddie Mac, even as the 10-year Treasury yield rose nearly 18 basis points from the start of this week.

The community development financial institution was the nation's top non-qualified mortgage lender last year, according to one ranking.