Refinance

While low interest rates stimulated demand for housing in the first half of the year, affordability problems are holding back the purchase market, a First American survey of real estate professionals said.

Mortgage applications decreased by 3.4% this week, although refinance activity remained close to its 2019 high point, according to the Mortgage Bankers Association.

With mortgage rates expected to continue their recent slides over the next 18 months, in tandem with slowed economic growth, loan originations should see a jump through 2020, according to Fannie Mae.

Guild Mortgage is targeting Airbnb hosts with its new refinance program, allowing them to use short-term rental income to qualify for a new loan on their owner-occupied primary residence.

Mortgage rates remained unchanged as investors' concerns over U.S. foreign trade policy, which triggered the previous week's drop, were moderated, according to Freddie Mac.

With refinance activity rising to its highest level in three years, mortgage application volume increased 26.8% from one week earlier, according to the Mortgage Bankers Association.

Prepayment speeds for loans included in agency mortgage-backed securities were up approximately 20% both monthly and annually during May as the decline in interest rates boosted activity, according to Keefe, Bruyette & Woods.

Millennial homeowners took advantage of April's drop in mortgage rates by quickly securing refinance loans, which closed faster than purchases for the first time since March 2016, according to Ellie Mae.

Refinance mortgage application activity surged as interest rates fell to their lowest level since the start of 2018, but potential homebuyers remained sidelined due to economic uncertainty, according to the Mortgage Bankers Association.

The most borrowers in three years currently qualify for refinancing as the average for the 30-year fixed-rate mortgage dropped below 4% for the first time in over a year, according to Black Knight.