Mortgage Bankers Association

Refinance transactions shot up over 15% to their highest volume in almost two years, the Mortgage Bankers Association said.

Declining refinance activity offset the growth in government-backed purchases, the Mortgage Bankers Association said.

Despite a slow return of housing inventory, purchase application numbers dipped in a week where interest rates finished higher, the Mortgage Bankers Association said.

May's falling interest rates as well as ongoing wage growth helped improve home affordability across borrowing segments and racial groups, the Mortgage Bankers Association said.

Borrowers in the government-purchase market returned to the table in greater numbers, as rates declined, the Mortgage Bankers Association said.

Activity grew at a slower pace from seven days earlier, as refinance volume retreated, according to the Mortgage Bankers Association.

The term is open to interpretation and may refer to a broad range of real-estate finance activity. An "independent mortgage banker" has a narrower definition.

Borrowers still sought opportunities in the homebuilder market with activity trending upward for over a year, even as existing inventory showed signs of expanding.

Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week.

Both purchases and refinances dipped as rates failed to help borrowers, but government lending picked up a rising share of loan volume, the Mortgage Bankers Association said.