Mortgage Bankers Association

While refinances surged, a subdued purchase market resulted in flat borrowing activity for a third straight week, according to the Mortgage Bankers Association.

Despite signs of inventory returning, prices and loan amounts are trending higher this year, according to data from the Mortgage Bankers Association.

Potential home buyers may be holding back in anticipation of lower rates to come in the second half of the year, the Mortgage Bankers Association said.

Limited inventory helped bring the average purchase size on new applications to its highest mark since mid 2022, the Mortgage Bankers Association said.

A greater number of refinances, particularly in the government market, led overall volumes higher, the Mortgage Bankers Association said.

Activity increased for both purchases and refinances, as well as for both conventional and government lending, the Mortgage Bankers Association said.

Loan volumes fell for the third straight week, with depressed demand for government lending driving activity downward, the Mortgage Bankers Association said.

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