Mortgages

Construction activity in smaller cities also saw a significant annual decline, according to the National Association of Home Builders.

The Berkshire Hathaway unit first invested in the underwriter in May 2022. Previously it was wholly owned by Realogy.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.

But there are regional variations in housing markets across the country, the Federal Housing Finance Agency said.

Citing "changing market dynamics," the company announced it will exit mortgage lending this summer.

Home purchasers had to come up with 0.9% more in April versus what they would have paid in March and 11.8% higher on a year-over-year basis, the Mortgage Bankers Association said.

Some in the space say they've seen new players coming in but others disagreed during a panel at the Mortgage Bankers Association's Secondary and Capital Markets conference.

The Mortgage Bankers Association sees the likelihood of a rise in sales activity later this year based on recent construction trends, in a turnaround from the 2022 market.

The government-sponsored enterprise only tweaked the two-year mortgage origination forecast, with a $6 billion reduction for 2023, but an increase of $7 billion for 2024.