Multifamily Drives Down Permits, New Construction
|Refi Share Wider Despite Record Low Rate-Term|
A modest weekly drop in new mortgage business was led by adjustable-rate mortgages. Government share widened, as did refinance share thanks to a gain in cashouts that more than offset a record-low rate-term share.
Multifamily activity drove down overall housing permits and new construction last month, though there was an increase in completed apartment buildings. Construction activity in the Northeast was exceptionally strong.
GSE Refinances Sink to 6-Month Low
Monthly refinances of government-sponsored enterprise mortgages plunged to the lowest level in six months as government-supported refinance volume fell to a new low.
Fixed Mortgage Rates Retreat First Time Since 2017
For the first time this year, fixed interest rates on residential loans turned lower. But the story was different for adjustable-rate mortgages.
4-Month Low for Home Builder Confidence
Slowing buyer traffic drove U.S. home builder confidence to the lowest level in four months, though the degree of confidence still remains solid. The Midwest deteriorated most.
Mortgage Applications Up on Purchase-Money Surge
A weekly decline in refinance mortgage applications was more than offset by a surge in purchase-money activity. The jumbo-conforming spread, meantime, ballooned.
Brokers Drive Up Banks' Mortgage Market Share
Home lending retreated last year. Non-banks lost quarterly market share to financial institutions as a surge in quarterly wholesale lending drove up banks' share.
11-Month High for Mortgage Delinquency
Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year's hurricanes. Foreclosures held steady, though.
More Mortgage LOs Leave Banks for Non-Banks
As the number of residential loan originators grew last year, a bigger share of the group found themselves working at non-bank lenders for the second year in a row.
Consumer Bankruptcies Rise Last Month
More consumers resorted to bankruptcy last month than in the first month of the year, though a year-over-year decline was reported.