Mortgage Bankers Association

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.

The rate of new forbearance requests as a share of portfolio volume also dropped to its lowest point since March, the Mortgage Bankers Association reported.

Purchase loan volume also increased, as borrowers tried to take advantage of rate dips across all loan types

Expansion of an existing translation clearinghouse is among steps that could be taken, the Mortgage Bankers Association suggested in a letter sent to the leaders of the House Financial Services Committee on Wednesday.

The recent increase in loan size across all application types reflects rising prices, which contributed to a drop in applications, Mortgage Bankers Association economist Joel Kan said.