Mortgages

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.

Mixed economic signals left mortgage rates flat over the past seven days, with experts suggesting the end of Federal Reserve policy hikes might be coming as well.

The American Bankers Association's latest Credit Conditions Index points to a drop in lending and a rise in loan delinquencies through the second and third quarters.

But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.

Last month saw purchase rate locks increase by 44%, jumping past the 30% average in February, according to Black Knight's report.

Affordability constraints have made borrowers who bought properties within the last 12 months increasingly vulnerable to price declines.

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.