Mortgage applications

Refinance applications came in 54% lower than a year ago, but average loan sizes accelerated, with the purchase amount setting another record.

Purchases increased, but refinance activity cooled again due to rising rates.

Mortgage applications were up for the first time in over a month, with government refinances in particular seeing a sizable bump.

The overall number of applications decreased for the fourth straight week, but average loan sizes headed back up, according to the Mortgage Bankers Association.

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.

The estimated rate of annual sales also dropped in January to its slowest pace since July.

Credit availability also tightened in January, contributing to early 2022’s lending slowdown, according to the Mortgage Bankers Association.

Steadily climbing rates have contributed to a 40% decline in loan activity from one year ago.

But refinances came in 50% below levels from a year ago, with rate-and-term activity falling by over 40% in the third quarter of last year, according to TransUnion.

And a recent slowdown in government-backed loan issuance is pushing average purchase amounts to another record high.