Mortgage applications

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.

Volumes came in higher for purchases and refinances, as well as for both conventional and government products.

Both government and conventional activity have picked up to start the year, as higher conforming amounts came into effect.

But refinances saw an upturn and pushed overall loan activity higher in the first week of 2023, the Mortgage Bankers Association said.

Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.

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.