Mortgage applications

But a surge in purchases led overall mortgage volumes to a weekly gain and pushed average loan size to a new record.

Increasing rates contributed to a sluggish pace for refinances, but the purchase market showed sustained strength.

Refinances also decreased, with rising rates contributing to the slowdown.

While the overall number of applications dropped last week, average mortgage sizes shot up across all categories.

Although seasonal slowing and limited inventory have temporarily reduced prospective financing, the number sales in the sector hit nearly 1 million in November, according to the Mortgage Bankers Association.

Purchases inched upward, but refinance volumes retreated, with interest rates now well above levels from a year ago.

An upturn in government-backed applications also led average loan sizes to decrease for the first time in over a month.

Purchase applications increased for the fourth consecutive week, with the average loan amount at its highest since February.

Purchase and refinance numbers both came in higher, while average loan sizes also recorded an uptick.

Refinance numbers declined for the seventh time in eight weeks, leading to an overall weekly decrease.