Mortgage Bankers Association

Despite declining rates, refinancing volume fell, while purchases slowed even further after dipping to its lowest point in over a year.

A hike in guarantee fees charged to lenders for the companies’ backing of loans was due to expire this year, but lawmakers now want to extend it to raise $21 billion for the bipartisan package.

Two large government-sponsored enterprises added a notification period for tenants in collateral properties on Wednesday while a trade group and public agencies stepped up efforts to connect renters with aid.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.

Despite lower numbers, refi applications continued trending strongly, while purchases fell close to lows from more than a year ago.

Purchase loans also increase, as their average size shrinks

Government-sponsored loans gain volume share, but overall numbers tumble to a point not seen since before the pandemic.

Limited housing supply, climbing rates cause applications to decline across the board.

Fewer borrowers are suspending payments for pandemic hardships but some who got back on track are having trouble again, and deadlines could spur a final round of new requests.

Even though volumes are expected to taper from 2020’s record highs, lenders plan to take on more employees in 2021, according to the Mortgage Bankers Association and McLagan Data.

Increases in refinances, both in applications and average size, help lead overall numbers higher

Demand was strongest at the high end of the market, which pushed loan amounts up for the fourth straight month.

A spike in government-sponsored applications helped lead indexes to their largest gains in several weeks.

A $28.8 billion rise in multifamily debt made up 65% of the $44.6 billion quarter-to-quarter gain, the Mortgage Bankers Association reported.

Even though product availability is now at the same point where it was one year ago, it remains at 2014 levels.

Purchase loans tick upward, even as housing demand pushes prices well above 2020 levels.

Net production income was down from its peak in the third quarter of last year, but it set a survey record for the period between January and March.

The MBA’s Market Composite Index decreased a seasonally adjusted 4% last week, dropping to a point not seen since February 2020.

While purchases increased, refinancing activity slowed considerably compared to its pace over the past month.

Average loan size also continues to increase, as demand remains high and costs in homebuilding materials rise this year.