Refinance

But total volume is still 53% below last year’s level, while Fannie Mae found the dollar value of refinances down by over 70%.

The government-sponsored enterprises' new Refinance Application Level Index pulls Desktop Underwriter data in order to give lenders and mortgage-backed securities investors insight into prepayment trends.

But purchase activity reflected “resilient” consumer demand during the month, and first-time homebuyer loans gained market share, according to Black Knight.

Less than 5% of U.S. homeowners can save money by refinancing their housing loans, the smallest proportion in the history of the mortgage bond market, as borrowing rates surge to their highest level in three years.

Purchase lending grew despite headwinds in mortgage rates and rising home values.

While it was the largest quarter-to-quarter drop in three years, the percentage changes in dollar volume were more moderate, according to Attom Data Solutions.