9.29.23
On September 27, the CFPB released its annual report on residential mortgage lending trends for 2022. The report notes that the average monthly principal and interest payment for a new 30-year fixed-rate mortgage originations increased more than 46% year-over-year, owing to high home prices and mortgage rates. For the same reasons, there was a substantial decline in mortgage originations (down over 50%), particularly refinances. The report also finds that lenders increasingly denied loans due to insufficient income.