Mortgages

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

But attorneys for the small Chicago-based mortgage company remained defiant and actually welcomed the Bureau's move.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

The five-year notes benefit from overcollateralization equal to 35%, and will use the proceeds to repay a line of credit facility.

However, the benchmark 10-year Treasury yield pushed back up 15 basis points from a week ago as the markets settle following the recent bank failures.

The year-over-year drop in January stemmed primarily from loans where a payment had not been made in at least 120 days but shorter-term arrears were higher during the same period.

The economic situation is more like what happened during the mid-'80s thrift crisis than the 2008 downturn, said Chief Economist Doug Duncan.

The agency, which oversees government-related investors that set underwriting parameters in the U.S. mortgage market, estimates the process will begin in 2024.

Purchases of new single-family homes increased 1.1% to an annualized 640,000 pace after a 633,000 rate in January, government data showed Thursday.

And in January, all-cash buyers reached their highest share in nine years, at 32.1%, Redfin said.