The MBA’s Market Composite Index, which measures new loan activity based on surveys of the organization’s members, jumped a seasonally adjusted 12% for the weekly period ending Jan. 28. Compared to the same week last year, though, seasonally adjusted volumes came in 37% lower.
Activity increased for both purchases and refinances, even as 30-year interest rates continued to climb upward to start the year. The seasonally adjusted Purchase Index increased 4% from the previous week, but volumes were down by 6.7% when compared to the seven-day period of 2021.
The Community Home Lenders Association sent a letter to the Consumer Financial Protection Bureau’s Director Rohit Chopra stating that smaller- and mid-sized mortgage bankers should be governed on assets, volume size and the extent of state oversight.
The number of credit-sensitive borrowers who request alterations in their loan terms for income reduction could be a bellwether for loan performance as pandemic-related contingencies are rolled back.
Republicans have knocked Sarah Bloom Raskin as too liberal on climate change and Lisa Cook as underqualified ahead of a Senate Banking Committee hearing Thursday. Meanwhile, a Democratic senator’s illness threatens to stall nomination votes in the full chamber.
