Mortgage applications fell for the first time in three weeks despite interest rates falling below 6.5 percent, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending November 25.
Category: News and Trends
Joe Camerieri of Mortgage Cadence: Finding Opportunities in a Downturn: Lessons for 2023
There is a great deal of uncertainty as to the health of the U.S. real estate business in 2023, of course, and we’re all hearing plenty of negative narrative as the industry contracts in the face of lower overall loan volumes. However, that’s not what many lenders are focused on. We’ve spoken to many lenders who are finding bright spots – opportunities amidst the challenges.
House Prices Continue to Flatten
Reports from S&P Down Jones Indices, New York, and the Federal Housing Finance Agency show continued flattening of home prices nationwide, although they remain elevated in most markets.
Consumer Confidence Falls to 4-Month Low
The Conference Board, New York, said its Consumer Confidence Index fell in November, its second consecutive monthly drop to its lowest level since August.
FHFA Raises 2023 GSE Conforming Loan Limits to $726,000
The Federal Housing Finance Agency on Tuesday increased the conforming loan limit values for mortgages to be acquired by Fannie Mae and Freddie Mac for one-unit properties to $726,200, an increase of 12.21 percent ($79,000) from $647,200 in 2022.
CBRE: Industrial Occupiers Still in Expansion Mode
Strong industrial market demand will likely continue, though not at the record pace set in 2021, said CBRE, Dallas.
Dealmaker: M&T Realty Capital Corp. Provides $34M for New York Properties
M&T Realty Capital Corp., Baltimore, recently closed multiple deals in New York totaling $33.6 million.
MBA News
Tech23; Ten Things Your Company Must Do in 2023; MBA Future Leaders Program; MBA Member Advantage Program. To read more, click on the headline:
Veronica Nguyen of BeSmartee: Crafting a Strategy After a Bloody Year
While no one has a magic ball that can tell us when the market will pick up again, it’s a good idea for executives at financial institutions to rethink and consider what a realistic strategy looks like moving forward in a low market as well as a high market.
Dave Miller of Cenlar: Industry Outlook for Mortgage Servicing
More originators will look to partner with servicers that have the expertise to manage the regulatory and compliance requirements, which is undeniably the most critical factor to consider when choosing a servicer.