“The 30-year fixed rate remained above 7 percent for the third consecutive week, with increases for most loan types. Purchase applications increased for the first time after six weeks of declines but remained close to 2015 lows, as homebuyers remained sidelined by higher rates and ongoing economic uncertainty. Refinances continued to fall, with the index hitting its lowest level since August 2000.”
–Joel Kan, MBA Vice President and Deputy Chief Economist.
Commercial and multifamily mortgage loan originations decreased 13 percent in the third quarter from a year ago, according to the Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.
So, I headed to Nashville for the 2022 MBA Annual Convention and Expo, expecting to fully partake in all the excitement that Music City has to offer. Mission accomplished, but not surprised to also witness the build-up to the industry’s looming game of musical chairs.
While any new construction loan destined for sale to a GSE can be a one- or two-time close, lenders can decrease risk by focusing the right resources on the initial underwrite as well as the final review.
Mark Tribuna is the senior advisor for CRA Note Exchange offered by CBC Mortgage Agency, a national provider of down payment assistance for low- and moderate-income homebuyers.
What follows are the findings of a semi-annual survey of senior mortgage banking executives. The surveys, which were conducted in mid-October, were of mortgage veterans at 33 different mortgage companies — 17 financial intermediaries, largely commercial banks; and 16 non-banks, independent mortgage banks or IMBs.
CBRE, Dallas, said the tech industry’s share of U.S. office leasing slipped in first-half 2022 to its lowest figure in five years, though it remains a leading force in the sector.
Harbor Group International, Norfolk, Va., provided a $90 million senior mezzanine construction loan to Extell Development Co., New York, to finance construction of 1520 First Avenue on Manhattan’s Upper East Side.
Fannie Mae, Washington, D.C., said its monthly Home Purchase Sentiment Index fell by 4.1 points in October to 56.7, its eighth consecutive monthly decline and lowest reading since inception of the index in 2011.
Amid a volatile and rapidly changing housing market, many homebuyers and home sellers have unrealistic expectations about their prospects, according to a Zillow survey of real estate agents.
