Refinance

Mortgage lenders are growing more pessimistic about their profitability, with the highest percentage ever seen in Fannie Mae's first-quarter industry sentiment survey expecting a decline in margins.

Continued increases in mortgage rates caused the refinance loan application share to fall to its lowest level since September 2008, according to the Mortgage Bankers Association.

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Mortgage application activity increased slightly from one week earlier even as the rate for the 30-year conforming loan rose to its highest level in four years.

The number of mortgage borrowers with an interest rate incentive to refinance fell 40% during the first six weeks of the year and now sits at the lowest level in more than nine years.

It is important for lenders to understand in what locations and property types their application fraud risk rests as the market share of purchase loans rises.

Higher levels of purchase activity even with rising interest rates drove the increase in mortgage applications compared with one week earlier.

Refinance mortgages accounted for 45% of mortgage volume, the highest share in a year, according to Ellie Mae.

With 30-year mortgage rates reaching a four-year high, loan application activity was lower this past week, according to the Mortgage Bankers Association.

Mortgage borrowers 60 days or more late with their payments declined both quarter-to-quarter and year-over-year, as recession-era defaults work their way out of the system.