Mortgage applications

But the pace of refinances was at its slowest since July, even as interest rates remained low.

Refinance and purchase applications both declined, while average loan sizes shrunk for the fifth consecutive week.

Purchases and refinance activity both edged higher, as loan sizes decreased, signaling opportunities may exist for first-time buyers.

Increased purchase lending and added pressure from Fannie Mae and Freddie Mac’s new loan limits should drive the likelihood of borrower misrepresentation.

Despite declining rates, refinancing volume fell, while purchases slowed even further after dipping to its lowest point in over a year.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.

Despite lower numbers, refi applications continued trending strongly, while purchases fell close to lows from more than a year ago.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

Purchase loans also increase, as their average size shrinks

Government-sponsored loans gain volume share, but overall numbers tumble to a point not seen since before the pandemic.