Mortgage applications

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.

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.

Concerns about the stability of the banking industry helped drive interest rates down, bringing more borrowers to the table, according to the Mortgage Bankers Association.