Refinance

Government-backed lending drove an increase in purchase mortgages for a second straight week, even as interest rates failed to drive refinance activity.

The latest refinance surge helped lift total application activity up for a second straight week, even as purchases fell, the Mortgage Bankers Association said.

Lenders increased offerings in jumbo and non-QM segments as the industry focuses on customers with strong credit, the Mortgage Bankers Association said.

Rejections for mortgage credit outpaced almost every other borrowing category, according to the Federal Reserve Bank of New York.

Both purchases and refinances came in higher, with government-backed lending providing momentum, the Mortgage Bankers Association said.

New Mexico is the state least wanting to refinance, with 369.38 keyword searches per 100,000 people.

While the latest data indicates ongoing demand, changes in the share of locks by category show consumers trying to adapt to market conditions, according to a report from Optimal Blue.

The lender claims the offering is the only one of its kind in today's mortgage market.

A blog post from the Consumer Financial Protection Bureau cited data from the pandemic refi boom to show Blacks and Hispanics had limited opportunity to drop their interest rate.

Loan applications increased for the third week in a row, as borrowers responded to recent falling rates, the Mortgage Bankers Association said.

Servicers saw their retention rate fall to the second-lowest level in 17 years, according to ICE Mortgage Technology.

Purchases managed a small rise, but refinance activity held steady, according to the Mortgage Bankers Association.

The refinance market saw a 35% jump in activity, as borrowers continued responding to downward trending rates, the Mortgage Bankers Association said.

Falling rates provided a boost for the refinance market, with activity hitting a two-year peak, according to the Mortgage Bankers Association.

Both purchase and refinance applications dropped, with borrowers potentially holding out for lower mortgage rates later this year, according to the Mortgage Bankers Association.

While the number of refinances saw a small uptick last week, purchase lending languished as housing costs keep buyers sidelined, the Mortgage Bankers Association said.

Refinance transactions shot up over 15% to their highest volume in almost two years, the Mortgage Bankers Association said.

Nearly one-quarter of borrowers now have a rate above 5% as households in this category grow and the number with rock-bottom financing costs slowly recedes.

Despite a recent warning about an uptick in prepays, FHA seems to be leaning in the direction of adopting changes that will increase them, writes the chairman of Whalen Global Advisors.