First American Financial Corporation

CEO says company reduced staff as it focuses on expense management.

With waning affordability and rising mortgage rates purging the market, both LendingTree and First American saw a recent uptick in adjustable rate mortgages.

As the market adjusts to a post-pandemic norm with higher mortgage rates, housing market potential will subside from recent highs, according to First American.

House prices are now 52.9% above the housing boom peak in 2006.

There are two trends locking homeowners in place and preventing much-needed housing supply from reaching the market.

Title company’s chief economist says history shows rising mortgage rates may take the steam out of rising house prices, but don’t necessarily trigger a decline.