Mortgage applications

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

Despite elevated prices and supply-chain bottlenecks, October application activity was up for the second time in three months and pushed the average loan size to a record high.

The weekly gain was the largest since July, but overall activity still remains close to early 2020 lows.

Purchases also dropped on a weekly basis, but still show signs of strong demand.

Purchases picked up, but refinances slowed for a fifth straight week, as rising interest rates took steam out of the market.

The heightened level of refinancing seen earlier this year cooled further, with applications declining for the fourth straight week.

Increased purchase activity countered a slowdown in refinance applications, which were impacted by rising rates.

Refinancing volume dropped to its lowest level in three months, while purchases also decreased in number.

As applications dropped, average loan sizes grew, with the purchase amount hitting its highest level since May.

Purchases jumped to a high not seen since April, while refinances were also up due to the increased use of government programs.