Mortgage Bankers Association

Purchase mortgage application activity is at its highest level since this summer on a seasonally adjusted basis, and should remain strong in December, according to the Mortgage Bankers Association.

Mortgage application activity rose 1.5% compared with one week earlier as interest rates remained below 4%, according to the Mortgage Bankers Association.

Mortgage prepayment levels were at their highest in over six years during October, as existing homeowners took advantage of the lower rates to refinance, or to a lesser extent, purchase a new residence, Black Knight said.

Lender profitability rose to a high not seen since 2012 in the Mortgage Bankers Association's latest quarterly report despite some variability in revenue generated per loan.

Mortgage lenders are operating in a refinance-dominated market again for the first time in years, but it may offer diminishing returns.

For the second consecutive week, mortgage application activity unusually moved in the same direction as interest rates, decreasing 2.2% from one week earlier, according to the Mortgage Bankers Association.

Loan applications to purchase newly constructed homes during October rose by nearly one-third year-over-year as sales reached their highest annual pace since the Mortgage Bankers Association started tracking this data.

The third-quarter delinquency rate fell to its lowest point since 1995, according to the MBA. However, Attom Data Solutions' numbers show foreclosure filings experienced a near-term growth spurt in October.

Consumer mortgage originator satisfaction scores fell in the second quarter as lenders had to work through the increase in application activity, a J.D. Power report said.

Mortgage applications increased from one week earlier, although conforming loan interest rates moved back over 4%, according to the Mortgage Bankers Association.