Mortgage Bankers Association

Home buying demand propelled overall volumes to a third straight weekly gain, as refinances fell, the Mortgage Bankers Association said.

Slightly more than one-fourth of borrowers with it experienced pandemic-related challenges, the Mortgage Bankers Association found.

Lending activity among builders surged over 22% annually in December, but the growing share of FHA-backed borrowing in the segment took a step back for the first time in four months, the Mortgage Bankers Association said.

Both purchases and refinances contributed to the weekly surge, with growth in government-backed volumes outpacing the overall market, according to the Mortgage Bankers Association.

The end-of-year slowdown comes after a recent fall surge, but overall activity still finished 6% below late 2022 levels, according to the Mortgage Bankers Association.

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Recent pullbacks in interest rates have lowered monthly payments, but amounts needed still make home buying unaffordable by most standards, according to new reports.

Activity fell despite an ongoing slide in rates, but elevated interest in VA loans, particularly refinances, managed to lift the government-sponsored index higher by a fraction, the Mortgage Bankers Association said.

Falling interest rates are behind a recent spike in government-backed lending as well as refinances, according to the Mortgage Bankers Association.

Decreasing availability of jumbo and non-QM products accounted for most of November's pullback, as other types of loan offerings saw minimal changes, the Mortgage Bankers Association said.

With a great deal of mortgage industry conversation revolving around how companies might best survive the current downturn, a theme has emerged around the value of offering more, even if the market expects to originate less.

Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.

Heightened government-backed activity also helped bring the average loan size down to its lowest mark in 2023, with purchase amounts falling below $400,000 for the first time since January, the Mortgage Bankers Association found.

Affordability decreased during the month across all racial groups and loan types tracked by the Mortgage Bankers Association.

Rising purchase activity countered falling refinances, as declining interest rates helped bring some aspiring buyers to market, the Mortgage Bankers Association said.

Both purchases and refinances saw an uptick in applications, but total numbers are still more than 16% lower from a year ago, the Mortgage Bankers Association said.

Loan activity overall came in higher for the second week in a row, with interest rates flattened following an extended volatile period, the Mortgage Bankers Association said.

A significant fallback in rates brought some borrowers back to the table but cooled interest in adjustable-rate loans, which had surged throughout October, the Mortgage Bankers Association said.

Despite the 10% jump in adjustable-rate mortgages, a decline in federally sponsored application volumes dragged overall numbers lower for the fifth time in six weeks, according to the Mortgage Bankers Association.

Despite the overall decline, refinances saw an uptick even as rates approached 8%, with volumes up in both conventional and government-sponsored markets, the Mortgage Bankers Association said.