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October's prepay speeds at highest in over three years
Low mortgage rates that continued in October brought prepayment speeds to their highest share in approximately three-and-a-half years, the ICE Mortgage Technology First Look report said.The monthly prepayment rate of 1.01% was up by 36.84% over September, when it was 74 basis points, and by 19.29% as compared to October 2024's 85 basis points. On third quarter earnings calls, several mortgage lenders noted how strong September was for refinancings, including United Wholesale Mortgage and Rocket Mortgage.At the end of October, the 30-year fixed fell to 6.17% from 6.34% at the start of the month and 6.5% for the first week of September, according to Freddie Mac. Since then, this rate has been on the rise, back to 6.26%, in large part a likely result of the lack of data because of the government shutdown.For the week of Jan. 16, the 30-year fixed was over 7%; in the succeeding weeks, and again in April and July, rates were 50 basis points or more above the current level."Softening mortgage rates expanded the pool of refinance candidates in October, pushing prepayments to their highest level in three and a half years," said Andy Walden, head of mortgage and housing market research at ICE. "This trend was largely driven by people who purchased homes at elevated rates in recent years seizing the opportunity to lower their monthly payments."Whether that softening trend will resume is unknown, even though yields on the 10-year Treasury moved off of their post-shutdown peak, which should help mortgage rates.Between Oct. 16 and Oct. 28, the yield closed under 4% every day except for Oct. 17.On Nov. 14, two days after the budget extender was passed and signed into law, the benchmark 10-year yield closed at 4.15%. The following Friday, Nov. 21, it was down to 4.06%.Delinquency rates continue to improve, the report found, with one blip on the horizon."While foreclosure activity has ticked up, levels remain historically low," Walden said. "This uptick is driven by a rise in Federal Housing Administration foreclosures along with the resumption in Veterans Affairs foreclosures following last year's moratorium."In the past, industry economists have said a rise in FHA delinquencies can foreshadow stress across the broader mortgage market.The total delinquency rate, defined as any loan 30 days or more late on its payment but not yet in foreclosure, was 3.34% for October.This was 8 basis points lower than September, when the rate was 3.42% and 11 basis points lower than 3.45% last October.Total foreclosure starts numbered 38,000 units, a 9.83% month-to-month decline but up by over 29% compared with October 2024.The number of properties in lenders' foreclosure pre-sale inventory grew by 4,000 versus September and 37,000 over 12 months prior to 226,000.Properties exiting foreclosure via a sale totaled 7,700, a gain of 8% over the prior months and over 32% compared with the prior year.At the end of October, loans in active foreclosure were at their highest since 2023 because of the aforementioned growth in government-guaranteed products in this status.The month ended with 1.84 million loans that were 30 days or more late on their payments but not in foreclosure, a decline of 36,000 units from September and 28,000 compared with last October.The subset of 90 days or more late but not yet foreclosed upon totaled 476,000, which was 1,000 fewer than a month ago and 3,000 less than a year ago.Including those properties already in foreclosure means the overall delinquent inventory grew by 9,000 units year-over-year to 2.07 million.
DOJ examining handling of Schiff mortgage investigation
A federal grand jury is examining the handling of the mortgage fraud investigation into Sen. Adam Schiff of California according to a subpoena to a witness in the case.The subpoena was sent to Republican activist Christine Bish, who appeared before the grand jury in Maryland Nov. 20. It asked her for any communications and documents involving Director of the Federal Housing Finance Agency Bill Pulte, Department of Justice official Ed Martin or anyone claiming to work for either, according to Reuters.The subpoena also requested records on anyone claiming to work at the direction of the Justice Department, Fannie Mae or Freddie Mac, including Robert Bowes, who worked for Trump during his first term and allegedly works for Pulte now, and Scott Strauss, a private citizen who is believed to be working with Martin, according to ABC News.Prosecutors are looking into whether Pulte and Martin deployed Bowes and Strauss to assist with the investigation of Schiff, and thus were sharing secret grand jury materials, a violation of federal law, Reuters reported.Bish said Nov. 20 was not her first time speaking with investigators about the case, but that the prosecutors "seemed more concerned" about her communications with Pulte and Martin, she told CNN.Bish, a realtor, is running for Congress in California's 6th Congressional District, a seat held by Democrat Ami Bera.President Donald Trump first accused Schiff of mortgage fraud in July, writing, "Mortgage fraud is very serious, and CROOKED Adam Schiff (now a Senator) needs to be brought to justice," in a Truth Social post.The scheme allegedly involved a property in Maryland Schiff has owned since at least 2009, which he designated as a second home in 2020.Then in August, Attorney General Pam Bondi tapped Martin, who has helped investigate mortgage fraud by public officials, to inspect the allegations against Schiff, NBC News reported.The investigation stalled last month and was dismissed by a judge Monday. Pulte has pushed for multiple mortgage fraud investigations into several Democrats and critics of Trump. Schiff served as the lead impeachment manager in the House during Trump's first impeachment trial five years ago.Pulte also asked the Justice Department to look into Federal Reserve Gov. Lisa Cook and New York Attorney General Letitia James, whose case was also dismissed Monday.Pulte accused Cook this summer of lying on mortgage applications, which was followed by Trump firing her. The White House then appealed a federal district court ruling that allowed Cook to remain at her post pending the result of her lawsuit against the president. The Supreme Court is set to hear oral arguments early next year.
FHFA boosts Fannie, Freddie multifamily caps over 20% in '26
U.S. Federal Housing is increasing the multifamily caps at Fannie Mae and Freddie Mac for 2026 by over 20% compared to this year, a level which keeps pace with volume growth in recent months, observers said.The combined cap of $176 billion is split evenly between the two companies at $88 billion. This year's cap set by the agency formally known as the Federal Housing Finance Agency was $146 billion or $73 billion for Fannie Mae and for Freddie Mac.Through October, Fannie Mae has done $54.7 billion and Freddie Mac $55.7 billion according to Jade Rahmani, an analyst at Keefe, Bruyette & Woods. This is an increase of over 42% for Fannie and 27% at Freddie.October production of $6.7 billion at Fannie Mae and $8.4 billion at Freddie Mac added to the first three quarter results suggests "room for a strong finish to the year" at the GSEs, Rahmani said."The FHFA's 2026 multifamily lending caps send a positive signal about anticipated origination volumes…as the caps are in line with current monthly volumes (October's $15.1 billion equates to $180 billion annualized), suggesting growth in 2026 accounting for 1Q seasonality," Rahmani said.In its announcement, FHFA said it will require at least 50% of the GSE multifamily business be "mission-driven, affordable housing."Workforce housing is excluded from these limits, as it was in 2025, the announcement said."FHFA anticipates the $88 billion cap to be appropriate given current market forecasts," an accompanying document from the agency said. "However, FHFA will continue to review its estimates of market size and mission-driven minimum requirements throughout the year."It also said if the market is smaller than anticipated during 2026, the agency will not reduce the size of the caps.The other sections of the document do a deeper dive on what qualifies as mission-driven.This increase aligns with the Mortgage Bankers Association's expectations for the multifamily market next year, said Bob Broeksmit, president and CEO, in a statement."Stable market conditions, strong maturity volumes, and a gradual decline in interest rates are expected to lift multifamily lending activity next year," said Broeksmit. "The announced cap levels will help ensure the GSEs remain a reliable source of financing for rental properties, including those serving lower-income households and rural communities."Besides serving as FHFA director, Pulte is the chairman of both Fannie Mae and Freddie Mac."Fannie Mae remains committed to providing dependable liquidity and innovative solutions that support the multifamily housing market in America," Kelly Follain, executive vice president and head of multifamily at Fannie Mae said in a statement. "U.S. Federal Housing's 2026 multifamily loan purchase cap will enable us to continue this important work, ensuring people have access to quality, affordable places to live in communities throughout the country."A similar response came out of Freddie Mac."Freddie Mac Multifamily delivers essential liquidity to create affordable apartment supply around the country each and every year," said Kevin Palmer, head of multifamily, in its statement. "In 2026, we will continue to provide that needed liquidity with our full suite of offerings and continued innovation."
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