Fannie Mae and Freddie Mac's portfolios were collectively $10 billion larger than in January, spurred in part by their mortgage-backed securities directive.

Key Takeaways: Prequalification letters provide borrowers with an estimate of how much they can afford to borrow for a house. Prequalification relies on self-reported information and can be obtained in a matter of minutes. Sellers and agents prefer preapproval letters over prequalification letters b

Key takeaways It’s a buyer’s market in most of the U.S., meaning homebuyers have the upper hand. Even though buyers have leverage, high costs and an inventory shortage are keeping many on the sidelines, slowing the housing market to a crawl. The Sun Belt is home to the strongest buyer’s markets; the