Underwriting

Industry consolidation has resulted in fewer conventional and government loan programs being offered to consumers.

Decreasing availability of jumbo and non-QM products accounted for most of November's pullback, as other types of loan offerings saw minimal changes, the Mortgage Bankers Association said.

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

With prices continuing to increase and the conforming 30-year mortgage rising above 7% in July, the purchase market is in a holding pattern, Black Knight said.

But its operating income missed estimates with servicing income and gain-on-sale margins coming in lower than expected.

Product availability for July remained at levels last seen in 2013 as rates briefly broke above the 7% mark during the month, the Mortgage Bankers Association said.

But mortgage numbers remain historically very low and fall short of pre-pandemic levels, according to VantageScore's latest monthly report.

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

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