The VA

Compared with the week prior, approximately 83,000 more loans from all investor types became forborne.

Even as interest rates remained at record-low levels, mortgage application activity for both purchases and refinancings declined compared to one week earlier, according to the Mortgage Bankers Association.

Compared with the week prior, approximately 57,000 fewer loans from all investor types were forborne.

Purchase mortgage application volume was at its most in over a decade as consumer confidence continued to improve in the aftermath of the coronavirus shutdown, according to the Mortgage Bankers Association.

Mortgage applications increased 9.3% from one week earlier, fueled by low mortgage rates and the release of pent-up demand, according to the Mortgage Bankers Association.

About 9% of government-insured loans in forbearance have low equity, which could hamper post-forbearance servicing.

But there was an increase in private-label mortgages in forbearance.

Purchase mortgage application volume continued its upswing as consumers acted on record low rates, but high unemployment and low inventory could hold home buying activity back in the future, the Mortgage Bankers Association said.

Mortgage applications increased 2.7% from one week earlier, as purchase volume is now outpacing the prior year's activity, according to the Mortgage Bankers Association.

As the growth rate in forbearance requests downshifts, a vast stockpile of loans await modifications.