Mortgage applications

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

Home loan applications dropped for the second time in three weeks, with the 30-year conforming interest rate ticking up 13 basis points, according to data from the Mortgage Bankers Association.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.

But profits more than doubled on the servicing side, according to the Mortgage Bankers Association.

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

Purchase applications increased again, but changes in home prices and interest rates are bringing only limited affordability relief.

Government-sponsored originations accounted for over half the share of transactions found with "critical" flaws, according to Aces Quality Management.

As application volumes increased, loan sizes also surged, with average purchase amounts now at a 2023 high, according to the Mortgage Bankers Association.

Concerns about the stability of the banking industry helped drive interest rates down, bringing more borrowers to the table, according to the Mortgage Bankers Association.

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

A week after it dropped to a 28-year low, purchase activity decreased again by over 5%, according to the Mortgage Bankers Association.

Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

Average purchase sizes have increased each week this year, likely signaling greater buyer activity occurring toward the higher end of the market.

Refinances surged 18% compared to the prior week and purchases 3%, but growing loan amounts signal still-limited affordability.

Despite lower interest rates, both purchases and refinances declined after recent surges, while average loan amounts have gradually crept up to start the year.

Despite the significant annual increase, home buyers saw signs of affordability returning in the latter months of the year.