Mortgage Bankers Association

The rate of new home sales picked up by 14% from the month prior, data provided by the Mortgage Bankers Association shows.

Government-backed lending drove an increase in purchase mortgages for a second straight week, even as interest rates failed to drive refinance activity.

The average size of purchase applications fell below the $400,000 mark, reflecting first-time home buyer interest, the Mortgage Bankers Association said.

January's median payment also grew at its fastest pace since October as volatile interest rates hit homebuyers' wallets, the Mortgage Bankers Association said.

At the same time builders and lenders report contracting credit on offer, sentiment in the residential construction industry improved in the latter half of 2024.

The latest refinance surge helped lift total application activity up for a second straight week, even as purchases fell, the Mortgage Bankers Association said.

Lenders increased offerings in jumbo and non-QM segments as the industry focuses on customers with strong credit, the Mortgage Bankers Association said.

A presidential memo on Monday imposed a pause on certain types of government funding until programs are reviewed to ensure compliance with Trump executive orders.

New chairs Nanci Weissgold and Bill Nelson both also sit on the trade association's board of directors.

The sales pace of new constructions in November was the third highest this year, according to the Mortgage Bankers Association.