Mortgages

With a scarcity of listings driving high home prices, both repeat and new purchasers are putting the most money down in decades, the report found.

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.

The withdrawal of pandemic housing relief and high home prices have heightened consumer strain, according to nonprofit Money Management International.

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.

High interest rates and constrained inventory will take its toll on originations and securitization activity in 2024, the rating agency commented.

The transactions grew between second and third quarter, with the new-home market seeing one of its largest surges in cash-buying in 13 years.