Refinance

Gen Z and Millennial homeowners also face unexpected expenses after closing, underscoring need for more education on the part of mortgage professionals.

As mortgage rates dip, more homeowners are turning to cash-out refis for quick access to cash, ICE says.

The mortgage numbers are a welcome boost to a market that has struggled to overcome high costs and prolonged economic uncertainty.

As high interest rates make refinancing impossible for many homeowners, increasing numbers of them are turning to HELOCs and home equity loans for cash.

While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.

Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.

Mortgage applications rose 12.5% from last week, breaking a month-long streak of decline and offering a positive note as summer approaches.

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.