Mortgage applications fell to their lowest level in 22 years, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending August 12.
It already hasn’t been a good week for housing. On Monday, the National Association of Home Builders reported its Housing Market Index fell for the eighth straight month to two-year low. And on Tuesday, HUD and the Census Bureau reported housing starts fell in July by nearly double digits to its slowest pace since 2020.
The Federal Housing Finance Agency on Tuesday proposed new benchmark levels for Fannie Mae and Freddie Mac multifamily housing goals in 2023 and 2024.
The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 7 basis points to 0.74% of servicers’ portfolio volume as of July 31, from 0.81% in June. MBA estimates 370,000 homeowners remain in forbearance plans.
MBA CONVERGENCE presents the next in its webinar series, What Does it Cost to Produce a Unit of Housing? Costs & Elements of Production, on Thursday, Aug. 25 from 2:00-3:00 p.m. ET.