Mortgage applications

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.

The weekly gain was the largest since July, but overall activity still remains close to early 2020 lows.

Purchases also dropped on a weekly basis, but still show signs of strong demand.

Purchases picked up, but refinances slowed for a fifth straight week, as rising interest rates took steam out of the market.

The heightened level of refinancing seen earlier this year cooled further, with applications declining for the fourth straight week.

Increased purchase activity countered a slowdown in refinance applications, which were impacted by rising rates.

Refinancing volume dropped to its lowest level in three months, while purchases also decreased in number.

As applications dropped, average loan sizes grew, with the purchase amount hitting its highest level since May.

Purchases jumped to a high not seen since April, while refinances were also up due to the increased use of government programs.

But the pace of refinances was at its slowest since July, even as interest rates remained low.

Refinance and purchase applications both declined, while average loan sizes shrunk for the fifth consecutive week.