Mortgage Bankers Association

Purchases have dropped in the last eight out of the last nine MBA weekly surveys, but decreased competition is leading to a pickup in the share of FHA originations.

Government-backed applications picked up despite rising rates last week, but a decline in conventional loans drove overall volumes down.

Activity is coming in at or below 2020 levels according to reports from the Mortgage Bankers Association and Redfin.

Numbers decreased for both purchases and refinances, which also saw the slowest pace of activity in over 20 years.

But volumes are still at least 80% lower from a year ago, while mortgage applications overall came in flat.

Loan availability also took its steepest monthly dive since the first months of the coronavirus pandemic, with jumbo products falling off by more than 13%, according to the Mortgage Bankers Association.

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

Average purchase sizes have also fallen by almost 11% after reaching a record high this spring.

Purchases and refinances both came in lower, with overall volumes 60% below numbers from a year ago.

New single-family home mortgage applications, housing starts and industry sentiment all came in at their lowest since 2020.