Mortgage loans in forbearance fell to new post-pandemic lows in May, the Mortgage Bankers Association reported Tuesday.
After falling for more than a month, mortgage applications rose for the second week in a row, even as interest rates nearly reached 6 percent—the highest level since 2008, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending June 17.
Following concerns expressed in a May 13 letter, the Federal Housing Finance Agency assured the Mortgage Bankers Association and other industry trade groups that industry stakeholders such as themselves would have sufficient time to implement necessary system and process changes that any updates to Fannie Mae and Freddie Mac’s credit score requirements would entail.
May existing home sales fell by 3.4 percent from April, marking the fourth consecutive monthly decline, the National Association of Realtors reported Tuesday.
Trepp LLC, New York, said the commercial mortgage-backed securities delinquency rate posted another large decline in May.