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Mortgage activity falls as affordability concerns take a toll

Average purchase-loan amounts shrank for the second week in a row and are currently 12% below their record size in March.

Joel kanDepartment of veteransMortgage bankers association market composite indexUs department of agricultureRefinance indexPurchase indexFannie maeRefinance application levelFederal housing administration backedVeterans affairs sponsoredMortgage applicationsMortgage bankers association

HECM market surged at the start of 2022

An increase in loan-limit size and the rapid growth of home equity fueled interest in reverse mortgages in January.

Cherry creekUnited statesBruce barrnesJoe demarkeyNational reverse mortgage lenders associationNational mortgage newsAmerican advisors groupReverse marketFederal housing administration backedReverse mortgage fundingNational mortgageAmerica reverseLongbridge financialLiberty reverse mortgageReverse mortgages

Repeat fraudster pleads guilty to duping FHA

Woman pleads guilty to falsifying information in order to get a FHA-backed loan and for theft of government property totaling over $40,000.

Rhode islandUnited statesPuerto ricoNorth providenceWhite houseDistrict of columbiaJuliana martinsBureau of investigationsDepartment of justiceannounced onDepartment of housingDevelopment office of inspectorRhode island state policePaycheck protection programDepartment of labor office inspectorFederal housing administration backedInjury disaster loan

Supply shortages help drive down new home purchase applications

The estimated rate of annual sales also dropped in January to its slowest pace since July.

Joel kanDoug duncanMark vitnerBuilder applicationDepartment of veterans affairsUs census bureauMortgage bankers associationFannie maeWells fargo securitiesFederal housing administration backedVeterans affairsRural housingMortgage applications

Refinances make up smallest share of mortgage apps since 2019

Credit availability also tightened in January, contributing to early 2022’s lending slowdown, according to the Mortgage Bankers Association.

Joel kanMortgage technologyDepartment of veterans affairsMortgage bankers associationComposite indexPurchase indexMortgage credit availability indexGovernment indexFederal housing administration backedVeterans affairsMortgage applications

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