Mortgage applications

With home prices also climbing up faster than expected for the time of the year, median new loan payments headed higher by more than 2%, according to the Mortgage Bankers Association.

An uptick in interest rates kept borrowers on the sidelines, as both purchases and refinances dropped, the Mortgage Bankers Association said.

Companies are seeing evidence of income falsification, which previous research shows is the most common type of fraud or defect risk.

Application volumes increased, as interest rates slid down to their lowest mark in almost two months, the Mortgage Bankers Association said.

Refinance activity jumped for a second week, as interest rates trended downwards, the Mortgage Bankers Association found.

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.