HELOC volume slips in 4Q, ending hot streak
Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.
Housing markets
Mortgage payment amounts grew last month despite lower interest rates
Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.
Consumers are (a little) more optimistic about the housing market
Declining mortgage rates and home prices drove more positive views compared to the prior month, but December's overall outlook remained negative, Fannie Mae said.
Homes remain on the market twice as long as they had 6 months ago
House hunting activity also slowed in December, with home tours declining 69% from the start of the year, a Redfin report found.
Luxury real estate market stalls
Sales of high-end homes fell 38.1% year-over-year, per a Redfin report.
Fannie Mae cuts 2023 outlook on recession expectations
But the lower rates of the past month did result in a $7-billion boost to its origination forecast for 2022.
Home equity gains are slowing
Borrowers gained an average of $34,300 in home equity since the third quarter of last year, but that's almost half the amount of growth recorded over the summer.
2022 originations make up 60% of underwater mortgages: Black Knight
Home prices dropped again on a monthly basis in October, exacerbating the loss in home equity among recent buyers, but the size of the falloff was the smallest since June.
U.S. housing enters deep freeze with sellers and buyers sidelined
"This is Han Solo in carbonite: This is a market that could stay frozen for quite some time," said Benjamin Keys, a real estate professor at the University of Pennsylvania's Wharton School.
Higher rates send mortgages for new homes plunging in October
The decline in loan activity and softening prices also helped drive down builder sentiment for the 11th month in a row.
Mortgage borrowers lost a record amount of equity in 3Q
The $1.3 trillion decline was the largest quarterly drop in dollar volume and the biggest falloff on a percentage basis since 2009, according to Black Knight.
BayFirst takes a $3.7 million hit for mortgage shutdown in Q3
The closure of its nationwide retail business — which followed the shuttering of its consumer direct business in Q2 — pushed the Florida bank into a $1.4 million loss for the most recent quarter.
Home-price growth slows in third quarter
Quarterly numbers also show the smallest gain in appreciation since 2011, with values decreasing on an unadjusted basis, according to Fannie Mae.
Mortgage production activity down 60%
Decline was largely driven by a large dip in cash-out refinance locks.
Recession to hit in early 2023, Fannie Mae says
On the other hand, the economists from the UCLA Anderson Forecast claim the U.S. is not currently in a recession and that the chance of a recession in the next 12 months is less than 50%.
Mortgage locks at lowest point in almost 3 years
Rate and term refinance activity has practically disappeared compared with 12 months ago, and volume for the less rate sensitive cash-out product is much lower.
Housing slowdown puts damper on rent-backed bonds
BofA Securities Inc. predicts that single-family rental securitizations — which repackage a single loan tied to multiple properties — will fall to just $2 billion for the rest of 2022 as Federal Reserve rate hikes send shivers across the industry.
Home price growth decelerates for third consecutive month
Housing's unusually high appreciation rates have now slowed for three months straight, and the number of metropolitan areas that are considered overvalued keeps growing, according to CoreLogic.
Zombie homes increase for a second quarter as foreclosures rise
At the same time, the share of overall vacancies fell due to limited inventory, according to a new Attom report.
Investor homebuyers are still splurging but their market share shrunk
Their activity was below the record share hit at the start of 2022, and down from the high water mark of 93,700 properties bought in the third quarter last year.
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