Mortgage applications

Refinance applications surged by almost 10%, the highest level of activity since September, with federally backed activity jumping by almost 24%.

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

Home loan applications dropped for the second time in three weeks, with the 30-year conforming interest rate ticking up 13 basis points, according to data from the Mortgage Bankers Association.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.

But profits more than doubled on the servicing side, according to the Mortgage Bankers Association.

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

Purchase applications increased again, but changes in home prices and interest rates are bringing only limited affordability relief.

Government-sponsored originations accounted for over half the share of transactions found with "critical" flaws, according to Aces Quality Management.

As application volumes increased, loan sizes also surged, with average purchase amounts now at a 2023 high, according to the Mortgage Bankers Association.