The Mortgage Bankers Association’s monthly Loan Monitoring Survey reported loans in forbearance decreased by 5 basis points to 0.55% of servicers’ portfolio volume in March from 0.60% in February.
The Mortgage Bankers Association said mortgage applications for new home purchases in March increased by 10 percent from February and by 0.6 percent from a year ago.
Delinquency rates for mortgages backed by commercial and multifamily properties increased slightly through the first quarter, according to the Mortgage Bankers Association's latest commercial real estate finance Loan Performance Survey.
Ahead of Tuesday’s New Residential Construction report, the National Association of Home Builders reported builder confidence in the market for newly built single-family homes in April rose for the fourth straight month.
MBA’s forecast calls for a gradual recovery in home purchase activity in the second half of 2023, driven by some catch-up buying from 2022 when mortgage rates surged and by younger age cohorts entering homeownership. However, this recovery will be dependent on affordability conditions improving