Mortgages

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

All told, Icahn's fortune sank by an unprecedented 41% to $14.6 billion, according to the wealth index, dropping him from the world's 58th-richest person to the 119th.

Although the company reported a loss, executives expressed confidence in its funding and liquidity.

Housing costs increased at the slowest pace in over a decade nationwide, even while monthly growth now exceeds its pre-pandemic level.

Consumers are receiving demand letters on loans they have not had any communication about in at least 10 years, the regulator said.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

A couple small deals with some unusual regional concentration also are in the market and one broker says many billions of dollars more are in the pipeline.

Stronger than expected demand and home prices drove the latest forecast.

Economic turbulence affected borrowers during the quarter and will likely impact their ability to refinance maturing loans, the Mortgage Bankers Association said.

Fannie Mae researchers found housing costs decelerating for the fourth straight quarter, but limited inventory may be driving hopeful buyers to look for opportunities in the new-construction market.