Mortgage production at the midway point was up a scant 4.1% compared with the first half of 2023. Originations increased sharply on a sequential basis in the second quarter due to a seasonal trend. (Includes two data tables.)
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With Kamala Harris now the frontrunner to replace Joe Biden as the Democratic nominee, industry experts ponder how closely her housing strategy might mirror that of the current administration.
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Interest rates on mortgages declined in May and June but demand for purchase mortgages remained constrained. Industry participants aren’t optimistic that production will pick up much through the rest of the year.
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FHA purchase-mortgage volume increased 21.4% from the first to the second quarter, based on agency MBS activity. But GSE volume — both with and without private mortgage insurance — increased by more. (Includes three data tables.)
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The second quarter offered a “shockingly flat” environment for the asset value of mortgage servicing rights. But with interest rates beginning to creep lower, the third quarter could be a different story.
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Economists still differ in their forecasts about how many times the Fed will cut rates this year and what that means for mortgage originations.
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