Mortgages

In addition to the Russia-Ukraine conflict, persistent inflationary pressures and expected monetary policy moves are contributing to volatility.

The $1.7 trillion in purchase lending for the year is the most ever recorded according to Black Knight’s January Mortgage Monitor Report.

The two states' combined plans amount to over $1.5 billion of the Homeowner Assistance Fund included within the American Rescue Plan Act , which was passed a year ago.

The effect of the conflict and upcoming Fed announcements have left much of the industry guessing about what happens next.

The Mortgage Bankers Association now predicts slightly more purchases even with higher rates, but the Ukraine situation could change that.

Meanwhile, 707,104 mortgages remain in forbearance, accounting for a combined $136 billion in unpaid balances.

The number of properties in limbo is up 10.3% from the same time last year, according to Attom Data Solutions.

Strong economic data was countered by international political developments, sending the 30-year rate lower for the first time in a month.

The New Jersey-specific case could be a sign of how the combined effect of federal debt-collection rules and state regulations may further complicate a compliance-sensitive environment for the industry.

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.