Mortgage applications

A decline in refinances was offset by a rise in purchase loans, largely among government-guaranteed programs, according to the Mortgage Bankers Association.

The 30-year-fixed conforming loan rate was had its largest in over a month, contributing to the first decline in activity in four weeks, the Mortgage Bankers Association said.

Purchase volumes reached their highest level since early May, but current numbers sit 30% lower than where they were a year ago, the Mortgage Bankers Association said.

Both loan volumes and interest rates came in mostly flat, but the jumbo average ran ahead of the conforming for the second week in a row, the Mortgage Bankers Association said.

Prospective borrowers are flocking to newly built properties as current homeowners shy away from listings due to high mortgage rates.

The uptick occurred as conforming rates pulled back for the second week in a row, coming in below the jumbo average according to the Mortgage Bankers Association.

Government-backed activity, though, managed to grow, which helped to shrink purchase-loan sizes to their smallest in over two months, the Mortgage Bankers Association said.

The 30-year average for both conforming and jumbo loans jumped more than 20 basis points, according to the Mortgage Bankers Association.

The 30-year conforming average reached its highest point since March last week, while loan application volumes finished 35% below their levels from a year ago, a trade group said.

The 30-year conforming rate surged to its highest point since March, driving borrower activity downward, the Mortgage Bankers Association said.