Mortgages

Changed borrower psychology and the severe housing inventory shortage dropped lending activity across the board, according to Black Knight.

Meanwhile, National MI has been increasing its new insurance written by slightly widening its credit standards.

More than two-thirds surveyed said they expect to make less money over the next three months as price reductions ramp up along with a market shift to purchases.

But March's overall late payment rate was 1.3 percentage points higher than one year ago, while the 90-day-plus rate was 2.3 percentage points higher.

Home prices grew at a record annual pace in April but indicators of a possible slowdown popped up in May, Redfin noted.

The four-week high in forbearance exits also helped drive the considerable drop in plans, according to Black Knight.

Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises.

Refinancings more than doubled the year-ago amount and made up for the slowed purchase activity, according to Attom Data Solutions.

The company provides a secondary market outlet for its retail and wholesale lending corporate sibling as well as for small balance commercial loans.

For the first time since the pandemic began, the share of borrowers who are 30 days or more late on their payment is below 5%, Black Knight found.