Mortgage Bankers Association

The 30-year conforming rate surged to its highest point since March, driving borrower activity downward, the Mortgage Bankers Association said.

Refinance applications surged by almost 10%, the highest level of activity since September, with federally backed activity jumping by almost 24%.

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Conventional and government-backed purchases both increased last week, even with a 12 basis point surge in the 30-year conforming average, the Mortgage Bankers Association said.

In an amicus brief, the trade group voiced concern over a statement recently provided by government agencies in a lawsuit involving loanDepot.

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.

A week after it dropped to a 28-year low, purchase activity decreased again by over 5%, according to the Mortgage Bankers Association.

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

Average purchase sizes have increased each week this year, likely signaling greater buyer activity occurring toward the higher end of the market.

A decline in jumbo products led to overall tightening, as conforming and government-sponsored loan categories measured in the Mortgage Bankers Association's index were unchanged from December.

Refinances surged 18% compared to the prior week and purchases 3%, but growing loan amounts signal still-limited affordability.