Mortgage Bankers Association

An uptick in interest rates kept borrowers on the sidelines, as both purchases and refinances dropped, the Mortgage Bankers Association said.

Mortgage-related businesses need to use a variety of low-cost tools to mitigate their risks, according to a panel of cyber risk leaders.

Application volumes increased, as interest rates slid down to their lowest mark in almost two months, the Mortgage Bankers Association said.

The department will release a circular to remove restrictive language potentially hindering veterans' home buying power until a new policy is formally introduced, it announced Tuesday.

At an industry conference, Consumer Financial Protection Bureau Director Rohit Chopra said he was open to suggestions on how to increase choice and competition to benefit mortgage lenders and borrowers.

Refinance activity jumped for a second week, as interest rates trended downwards, the Mortgage Bankers Association found.

Purchases and refinances both contributed to weekly growth, with notable increases in certain government-lending segments, the Mortgage Bankers Association said.

Both purchase and refinance activity slowed, with inflation likely to keep interest rates at challenging levels for future borrowers, according to the Mortgage Bankers Association.

The latest rate increases contributed to a 1% drop in purchases from the previous week and 15% annually, according to the Mortgage Bankers Association.

Conventional lending drove volumes higher, particularly in the purchase market, the Mortgage Bankers Association said.