Mortgage rates

Mortgage application activity increased 5.1%, rising for the second time in the past three weeks, according to the Mortgage Bankers Association.

Higher interest rates on home mortgages drove the share of loans used to purchase houses rather than refinance to new heights in May.

Despite the long, stratospheric rise of home prices in the U.S., the inflation-adjusted monthly payment on the median single-family home in 2017 was less than in 1987, when home prices were lower but interest rates were higher.

While rising mortgage rates are top of mind for the industry after last week's increase in the federal funds rate, the housing market should be more concerned about limited home inventory, according to First American Financial Corp.

Sentiment among homebuilders fell in June to match the lowest level this year, reflecting sharply elevated lumber costs, according to a report from the National Association of Home Builders/Wells Fargo.

A declining share of cash home sales will drive purchase home originations higher than previously expected through 2019, according to Fannie Mae.

The high number of home sales both above and below the list price in May, combined with rising mortgage rates and prices, was a sign buyers are near affordability limits, Redfin said.

Though mortgage originations were down overall in the first quarter, home equity lines of credit spiked on higher home prices, according to Attom Data Solutions.

After declining for two straight weeks, mortgage rates reversed direction this week and rose to their second highest level this year, according to Freddie Mac.

Mortgage applications fell 1.5% from the previous week, as rising interest rates ended a brief pickup in activity, the Mortgage Bankers Association reported.