Mortgage applications

Purchases and refinances both contributed to weekly growth, with notable increases in certain government-lending segments, the Mortgage Bankers Association said.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.

The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.

Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.

While refinances surged, a subdued purchase market resulted in flat borrowing activity for a third straight week, according to the Mortgage Bankers Association.

Despite signs of inventory returning, prices and loan amounts are trending higher this year, according to data from the Mortgage Bankers Association.

Potential home buyers may be holding back in anticipation of lower rates to come in the second half of the year, the Mortgage Bankers Association said.

Limited inventory helped bring the average purchase size on new applications to its highest mark since mid 2022, the Mortgage Bankers Association said.

A greater number of refinances, particularly in the government market, led overall volumes higher, the Mortgage Bankers Association said.

Activity increased for both purchases and refinances, as well as for both conventional and government lending, the Mortgage Bankers Association said.