Mortgage applications

The new Federal Reserve Board chairman's testimony in Congress was the driver of this week's mortgage rate increase, according to Freddie Mac.

Higher levels of purchase activity even with rising interest rates drove the increase in mortgage applications compared with one week earlier.

Financial services groups are calling for more funding for the Internal Revenue Service that could fix flaws in the agency's system for verifying the income of mortgage applicants.

With 30-year mortgage rates reaching a four-year high, loan application activity was lower this past week, according to the Mortgage Bankers Association.

Rising rates, largely tied to the stock market turmoil, took their toll on mortgage application volume during the past week.

Warburg Pincus has agreed to buy a majority stake in a mortgage and consumer loan origination and servicing platform owned by Fiserv.

Even as rates hit their highest levels in nearly four years, mortgage application volume increased compared with one week earlier, according to the Mortgage Bankers Association.

Rising rates suppressed total mortgage application activity, which decreased 2.6% from one week earlier, according to the Mortgage Bankers Association.

Purchase loan applications were at their highest level in nearly eight years because of rising interest rates, according to the Mortgage Bankers Association.

Even as mortgage rates rose to their highest level since March, application activity increased from one week earlier, according to the Mortgage Bankers Association.