Mortgage applications

Refinance demand fell precipitously as average contract interest-rates for most loans rose in the two-week leadup to Christmas.

Purchase activity was buoyed last week by conventional and Department of Veterans Affairs-backed loan activity.

The sales pace of new constructions in November was the third highest this year, according to the Mortgage Bankers Association.

Department of Veterans Affairs-backed refinances were up 85% weekly, contributing to a busy week for the loan type.

Pressing items in the mortgage industry include a behind-the-scenes look at the issues plaguing USAA, a recent lawsuit at Movement Mortgage and more.

Fading rates pushed home loan activity to its fourth consecutive week of gains.

Despite the latest pick-up in volume, stubbornly elevated interest rates led both the Mortgage Bankers Association and Fannie Mae to recently adjust 2024 and 2025 forecasts lower.

The median monthly payment amount for new purchases moved higher for the first time in six months, according to the Mortgage Bankers Association.

Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.