Commercial and multifamily mortgage loan originations were 49% lower in the third quarter of 2023 compared to a year ago, and decreased 7% from the second quarter, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
Category: News and Trends
ICE Mortgage Monitor: Affordability Continues to Weigh on Market
Intercontinental Exchange, Atlanta, released the November 2023 Mortgage Monitor Report, highlighting that high interest rates continue to drag down affordability and dampen demand.
Dealmaker: NewPoint Provides $22.5M for Idaho Workforce Housing Development
NewPoint Real Estate Capital, Plano, Texas, provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing for the development of a workforce housing community being built in Victor, Idaho, near the state’s border with Wyoming.
Quote: Nov. 7, 2023
“Borrowing and lending were down for every property type and capital source from one year ago. However, compared to this year’s second quarter, volumes were more stable, and some sectors – including industrial properties and life company lenders – showed an uptick in volume.”
–Jamie Woodwell, MBA’s Head of Commercial Real Estate Research
Mortgage Lock Volume Drops, Mortgage Capital Trading Finds
Mortgage lock volume dropped 17.7% in October compared to September, per Mortgage Capital Trading, San Diego.
MBA Advocacy Update Nov. 6: FSOC Finalizes Interpretive Guidance and Analytical Framework on Nonbank SIFI Designation; HFSC Hearings on Flood
This week’s top legislative and policy news from the Mortgage Bankers Association.
MBA Chart of the Week: Monthly Payroll Growth and Unemployment Rate
This week’s Chart of the Week highlights the October Employment Situation results released Friday.
Quote: Nov. 6, 2023
“A strong job market is nevertheless supportive of the housing market, both in terms of home buying and mortgage performance.”
–MBA Vice President and Deputy Chief Economist Joel Kan’s reaction to the Bureau of Labor Statistics report on employment conditions in October.
Industry Briefs Nov. 7, 2023
Industry news from FHA, CoreLogic, LenderLogix, Down Payment Resource, Ncontracts, findCRA and FormFree.
Redfin: Nearly One-Third of Homes for Sale Are New Construction
More than 30% of U.S. single-family homes for sale nationwide in the third quarter were new construction, according to a new report from Redfin, Seattle.