Mortgage applications

Purchases have dropped in the last eight out of the last nine MBA weekly surveys, but decreased competition is leading to a pickup in the share of FHA originations.

Government-backed applications picked up despite rising rates last week, but a decline in conventional loans drove overall volumes down.

Numbers decreased for both purchases and refinances, which also saw the slowest pace of activity in over 20 years.

But volumes are still at least 80% lower from a year ago, while mortgage applications overall came in flat.

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

Average purchase sizes have also fallen by almost 11% after reaching a record high this spring.

Alternative data verifications used in non-qualified mortgage underwriting have increasingly been used by government-sponsored enterprises in response to expansive Biden-era housing goals, volatile rates and evolving technology.

Purchases and refinances both came in lower, with overall volumes 60% below numbers from a year ago.

Although refinances picked up after the July 4th holiday, they failed to offset a larger decline in purchases.

Average purchase-loan amounts shrank for the second week in a row and are currently 12% below their record size in March.