Mortgage applications

July's low mortgage rate environment encouraged new homebuyers to overcome their fears about the direction of the economy that kept them out of the market in June, according to the Mortgage Bankers Association.

While last week's large drop in interest rates sparked a surge in refinance activity, purchase mortgage application volume increased for the first time in over a month, according to the Mortgage Bankers Association.

Rates for 30-year mortgages are at their lowest since late 2016, sending many previously hesitant homeowners to their brokers.

The economic tensions between the U.S. and China drove interest rates down last week, leading to a surge in refinance applications, according to the Mortgage Bankers Association.

Purchase mortgage applications continue to decline, falling to their lowest level since the start of the spring, as supply constraints limit homebuyer activity, according to the Mortgage Bankers Association.

Fewer consumers applied for mortgages last week even as interest rates declined by 3 to 4 basis points for all product types, according to the Mortgage Bankers Association.

Higher interest rates led to a 1.1% seasonally adjusted decline in mortgage applications compared with the previous week, according to the Mortgage Bankers Association.

After two strong months, applications to purchase newly constructed homes retrenched a bit as broader policy issues weighed on consumers, according to the Mortgage Bankers Association.

A new wave of mortgage production technologies empower lenders to create a more personalized approach to serving borrowers compared with the ubiquitous loan origination systems created over 10 years ago.

While mortgage rates remained unchanged this past week, further drops are possible as signs from the Federal Reserve point to a short-term rate cut at its next meeting.