Fed hikes rates, ICE to buy Black Knight and more

While the Federal Open Market Committee voted today to raise the benchmark rate by a half percentage point today, we also had confirmation of the speculation around a change in ownership for Black Knight with the announcement that Intercontinental Exchange, the owner of the mortgage industry's most widely used loan origination system is looking to purchase the company for a cool $13.1B. Whether the deal gets past regulators, though, is an open question.?

READ: Intercontinental Exchange buying Black Knight for $13.1B

In other news today:

Mortgage volumes increase for first time since early March

The MBA’s Market Composite Index, a measure of mortgage volumes based on surveys of association members, increased a seasonally adjusted 2.5% from the previous week for the period ending April 29. Compared to one year ago, application volumes came in approximately 50% lower on a seasonally adjusted basis.

Fannie Mae takes another step toward rebuilding CRT activity

Fannie Mae on Tuesday priced its fifth Connecticut Avenue Securities deal structured as a tax-advantaged real estate mortgage investment conduit this year, further re-establishing a form of risk-sharing with the private market that both Fannie and Freddie Mac had distanced themselves from in the Trump Era.

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