Mortgage applications

The refinance market saw a 35% jump in activity, as borrowers continued responding to downward trending rates, the Mortgage Bankers Association said.

Falling rates provided a boost for the refinance market, with activity hitting a two-year peak, according to the Mortgage Bankers Association.

Both purchase and refinance applications dropped, with borrowers potentially holding out for lower mortgage rates later this year, according to the Mortgage Bankers Association.

While the number of refinances saw a small uptick last week, purchase lending languished as housing costs keep buyers sidelined, the Mortgage Bankers Association said.

The monthly pace of growth in applications for new single-family constructions fell for the first time in 2024, according to the Mortgage Bankers Association.

Refinance transactions shot up over 15% to their highest volume in almost two years, the Mortgage Bankers Association said.

Declining refinance activity offset the growth in government-backed purchases, the Mortgage Bankers Association said.

Despite a slow return of housing inventory, purchase application numbers dipped in a week where interest rates finished higher, the Mortgage Bankers Association said.

May's falling interest rates as well as ongoing wage growth helped improve home affordability across borrowing segments and racial groups, the Mortgage Bankers Association said.