Mortgage applications

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.

The estimated rate of annual sales also dropped in January to its slowest pace since July.

Credit availability also tightened in January, contributing to early 2022’s lending slowdown, according to the Mortgage Bankers Association.

Steadily climbing rates have contributed to a 40% decline in loan activity from one year ago.

But refinances came in 50% below levels from a year ago, with rate-and-term activity falling by over 40% in the third quarter of last year, according to TransUnion.

And a recent slowdown in government-backed loan issuance is pushing average purchase amounts to another record high.

But a surge in purchases led overall mortgage volumes to a weekly gain and pushed average loan size to a new record.

Increasing rates contributed to a sluggish pace for refinances, but the purchase market showed sustained strength.

Refinances also decreased, with rising rates contributing to the slowdown.

While the overall number of applications dropped last week, average mortgage sizes shot up across all categories.

Although seasonal slowing and limited inventory have temporarily reduced prospective financing, the number sales in the sector hit nearly 1 million in November, according to the Mortgage Bankers Association.

Purchases inched upward, but refinance volumes retreated, with interest rates now well above levels from a year ago.

An upturn in government-backed applications also led average loan sizes to decrease for the first time in over a month.

Purchase applications increased for the fourth consecutive week, with the average loan amount at its highest since February.

Purchase and refinance numbers both came in higher, while average loan sizes also recorded an uptick.

Refinance numbers declined for the seventh time in eight weeks, leading to an overall weekly decrease.

Despite elevated prices and supply-chain bottlenecks, October application activity was up for the second time in three months and pushed the average loan size to a record high.