Home-equity lending is on a roll this year, with the combined volume of home-equity lines of credit (HELOCs) and traditional closed-end home equity loans up 47% from January to May of 2022, compared with the same period last year.
The pace of MBS issuance in the nonagency market slowed considerably in July and August as rising interest rates and Federal Reserve MBS-purchase policy have combined to dampen the momentum
Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.
In a letter addressed to the heads of the agency and of Ginnie Mae, the association asked them to consider recommendations made by a former government housing policy leader.