Mortgage applications

Purchase numbers came in higher for both conventional and government activity, while the average loan amount shows signs of easing.

Surging interest rates have pushed refinance applications down by over 70% in a year, while ARMs have doubled their share in three months.

Meanwhile, adjustable-rate mortgages saw their largest volume share since 2019.

Refinances now also make up less than 40% of new applications, with numbers at their lowest since 2019, according to the Mortgage Bankers Association.

But the sluggish pace of refinances brought down overall application numbers last week.

Refinance applications came in 54% lower than a year ago, but average loan sizes accelerated, with the purchase amount setting another record.

Purchases increased, but refinance activity cooled again due to rising rates.

Mortgage applications were up for the first time in over a month, with government refinances in particular seeing a sizable bump.

The overall number of applications decreased for the fourth straight week, but average loan sizes headed back up, according to the Mortgage Bankers Association.

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.