Refinance

While purchase volume is seeing its usual seasonal pickup, lower rates caused a spike in activity among existing homeowners looking to refinance.

Rising cases and vaccine issues caused bond yields to fall, but inflationary pressures will likely reverse that course.

But the percentage of weekly applications in that category was closer to 60%, the Mortgage Bankers Association found.

With independent title companies scoring the largest market share gain last year, the sector saw a 22% increase in premiums overall, the American Land Title Association said.

The shift ended a long run of higher rates that have depressed loan application activity, and it temporarily creates a new refinancing incentive for some borrowers.

Mortgage rates that are rising in tandem with a recovering economy dampened borrower activity, even with prime homebuying season underway.

After two straight months on an upward trajectory, rising interest rates pushed homebuyer demand down to a third of where it stood at the start of 2021, according to Freddie Mac.

While there were fewer new mortgages sought on a week-to-week basis, the index was higher than it has been during the same week in the last two years.

Point of sales providers are bringing improvements to their systems as loan officers look for ways to keep their pipelines active.

But the 10-year Treasury yield began backing down after the weekend as investors reacted to turmoil in Europe.