Mortgage Bankers Association

Home loan applications dropped for the second time in three weeks, with the 30-year conforming interest rate ticking up 13 basis points, according to data from the Mortgage Bankers Association.

Average purchase-loan amounts on new applications also increased after a recent pullback, as limited inventory provided little price relief.

But overall availability still remained near a 10-year low in March, with government-backed products falling for the third time in four months, the Mortgage Bankers Association found.

But profits more than doubled on the servicing side, according to the Mortgage Bankers Association.

The falloff in government-backed applications outpaced the overall decline, with volume down by over 8%, the Mortgage Bankers Association said.

Purchase applications increased again, but changes in home prices and interest rates are bringing only limited affordability relief.

As application volumes increased, loan sizes also surged, with average purchase amounts now at a 2023 high, according to the Mortgage Bankers Association.

Less than one-third of households would be able to afford 2022's median-priced new home, according to the National Association of Homebuilders.

Concerns about the stability of the banking industry helped drive interest rates down, bringing more borrowers to the table, according to the Mortgage Bankers Association.

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.