Mortgage Bankers Association

Mortgage applications increased 3.9% from one week earlier as another week of record low rates drew more borrowers into the market, according to the Mortgage Bankers Association.

The forbearance rate continued recovering in lockstep with employment improvement, according to the Mortgage Bankers Association.

Consumer demand for larger properties is driving the market in an atypical year that featured a delayed selling season, the Mortgage Bankers Association said.

Mortgage applications slipped 0.3% from one week earlier, as refinance volume, particularly for Federal Housing Administration and Veterans Affairs loans, shrank significantly, according to the Mortgage Bankers Association.

The Mortgage Bankers Association sees rates rising over the next two years, while Fannie Mae expects the average to remain under 3%.

Rates could be 50 basis points steeper than the MBA’s current projections, which anticipate the 30-year mortgage will average 3.3% next year, up from nearly 3% this year.

Lenders also increased jumbo product availability as well as rolling out new SOFR-indexed ARMs.

The teams include people who previously worked for the Treasury and the Federal Housing Finance Agency as well as HUD.

More than six months after the CARES Act became law, the two entities joined a host of industry organizations in launching the COVID Help for Home campaign to educate borrowers on the next steps in forbearance.

Mortgage applications decreased 0.5% from one week earlier as inadequate housing supply is putting upward pressure on home prices and affecting purchase activity, according to the Mortgage Bankers Association.