Mortgage applications

Borrowers still sought opportunities in the homebuilder market with activity trending upward for over a year, even as existing inventory showed signs of expanding.

Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week.

Both purchases and refinances dipped as rates failed to help borrowers, but government lending picked up a rising share of loan volume, the Mortgage Bankers Association said.

With home prices also climbing up faster than expected for the time of the year, median new loan payments headed higher by more than 2%, according to the Mortgage Bankers Association.

An uptick in interest rates kept borrowers on the sidelines, as both purchases and refinances dropped, the Mortgage Bankers Association said.

Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.

Application volumes increased, as interest rates slid down to their lowest mark in almost two months, the Mortgage Bankers Association said.

Refinance activity jumped for a second week, as interest rates trended downwards, the Mortgage Bankers Association found.

Purchases and refinances both contributed to weekly growth, with notable increases in certain government-lending segments, the Mortgage Bankers Association said.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.