Mortgage applications slumped last week after the sharpest increase in borrowing costs since mid-2013, signaling tougher sledding for the housing market.
The Mortgage Bankers Association's
The Washington-based group's measure of purchase applications sank 6.2% to 197, while an index of refinancing slumped 10.9% to an almost eight-month low.
Financing costs have surged since the Nov. 8 election on speculation President-elect Donald Trump's pro-growth agenda will spark faster inflation.
In its latest financial stability report, the Federal Reserve warned high equity valuations and low levels of liquidity could leave the financial system vulnerable to shocks.
Freddie Mac is offering a municipal bond option for investors in its ML multifamily securitization offerings starting with its December issuance.
Investors bought 15.9% of U.S. homes sold in Q3, according to Redfin, a level similar to 2018 and 2019, when the share was around 14%.
The development is the latest in an ongoing series of initiatives the Department of Housing and Urban Development has introduced to encourage growth of the factory-built construction segment.
Serious mortgage delinquencies are at their highest since May 2023, and early payment default activity is also a concern, ICE Mortgage Technology said.
A federal court ruled the plaintiff wants "sweeping reforms the court is powerless to give."
