Mortgage Bankers Association

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.