Mortgage applications

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.

The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.

Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.

While refinances surged, a subdued purchase market resulted in flat borrowing activity for a third straight week, according to the Mortgage Bankers Association.

Despite signs of inventory returning, prices and loan amounts are trending higher this year, according to data from the Mortgage Bankers Association.

Potential home buyers may be holding back in anticipation of lower rates to come in the second half of the year, the Mortgage Bankers Association said.

Limited inventory helped bring the average purchase size on new applications to its highest mark since mid 2022, the Mortgage Bankers Association said.

A greater number of refinances, particularly in the government market, led overall volumes higher, the Mortgage Bankers Association said.

Activity increased for both purchases and refinances, as well as for both conventional and government lending, the Mortgage Bankers Association said.

Loan volumes fell for the third straight week, with depressed demand for government lending driving activity downward, the Mortgage Bankers Association said.

Mortgage application activity had its largest decline in a year, according to the Mortgage Bankers Association.

The contract rate on a 30-year fixed mortgage increased 7 basis points in the week ended Feb. 9 to 6.87%, the highest since early December, according to Mortgage Bankers Association data released Wednesday. 

While refinances shot up, purchase lending saw a second weekly pullback according to the Mortgage Bankers Association.

Aspiring buyers took out fewer loans last week, leading to the overall decline, but the average purchase-loan size also surged to its highest mark since last spring, the Mortgage Bankers Association said.

Home buying demand propelled overall volumes to a third straight weekly gain, as refinances fell, the Mortgage Bankers Association said.