The Mortgage Bankers Association's latest forecast expects refinances to be stronger than expected in the third quarter, further softening the overall drop in first-mortgage originations for the full year.
The latest MBA and NCUA data showed credit unions' share of first mortgages was up slightly from 2020's fourth quarter, but down sharply from the first quarter.
Meanwhile, the National Association of Realtors on Tuesday reported sales of existing homes fell 0.9% from April to a seasonally-adjusted annual rate of 5.80 million in May, marking the fourth monthly drop in a row. However, May sales were 44.6% higher than a year earlier.
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