Mortgage applications

The average monthly payment dropped by more than one percent from October.

Refinances saw an uptick for a third straight seven-day stretch, but purchases flattened during a typically slow home buying period, according to the Mortgage Bankers Association.

Average loan amounts also increased, with mean purchase sizes crossing back above the $400,000 mark.

Shares picked up across all federal categories last week, but overall application volumes fell, dragged down by a cooling conventional purchase market, according to the Mortgage Bankers Association.

Activity swung upward for the fourth week in a row, but a steeper drop in refinances led overall volumes down by a fraction from seven days earlier and 66% on an annual basis.

Another fall in interest rates spurred a gain in activity, but volumes are still almost 70% off levels from 12 months ago, the Mortgage Bankers Association said.

The national median payment grew to $2,012 last month from $1,941 in September, the Mortgage Bankers Association found.

Easing interest rates pushed purchases up, with their average loan size also declining to its lowest point since early 2021, but refinances fell again.

But refinances dwindled further and helped drive overall volumes to a slight decline last week.

High interest rates and affordability concerns continue to suppress purchase demand, though, leading overall numbers down again last week, the Mortgage Bankers Association reported.