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Mortgage activity is experiencing a downturn, with new home purchase applications down 5.7% annually in July and overall mortgage applications declining due to higher interest rates straining affordability. Foreclosure prevention actions by Fannie Mae and Freddie Mac also fell in May, primarily due to a drop in refinance volume.
Answers synthesised from 12 recent sources · updated 5h ago
The average rate for a 30-year fixed-rate home loan has slightly decreased to 6.65% for the week ending August 20. This is a 2 basis point drop from the previous week's 6.67% and is higher than the 6.58% recorded earlier.
Mortgage applications are declining due to persistent inflationary fears and concerns about a prolonged conflict in Iran, which are keeping mortgage rates elevated and straining affordability. Higher interest rates are a primary driver of this downturn.
The share of homeowners with substantial equity in their properties has dropped to its lowest point in five years. In the second quarter of 2026, 41.1% of mortgaged residential properties were classified as 'equity-rich,' down from 43.3% in the first quarter.
Bank of America and PNC Financial Services Group share the top ranking in Keynova's 2026 Home Equity Scorecard. This recognition highlights their performance in the home equity market, including areas like digital application processes.
Point has launched a new wholesale channel named HEI. This initiative is part of their strategy to expand product distribution by actively engaging with mortgage brokers.
Longbridge has launched RAMP, a new market insights platform specifically designed for reverse mortgage brokers. RAMP aims to provide brokers with data and analytics to understand market trends and identify opportunities.