Refinance

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.

The refinance market saw a 35% jump in activity, as borrowers continued responding to downward trending rates, the Mortgage Bankers Association said.

Falling rates provided a boost for the refinance market, with activity hitting a two-year peak, according to the Mortgage Bankers Association.

Both purchase and refinance applications dropped, with borrowers potentially holding out for lower mortgage rates later this year, according to the Mortgage Bankers Association.

While the number of refinances saw a small uptick last week, purchase lending languished as housing costs keep buyers sidelined, the Mortgage Bankers Association said.

Refinance transactions shot up over 15% to their highest volume in almost two years, the Mortgage Bankers Association said.

Nearly one-quarter of borrowers now have a rate above 5% as households in this category grow and the number with rock-bottom financing costs slowly recedes.