Refinance

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.

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.

Despite a recent warning about an uptick in prepays, FHA seems to be leaning in the direction of adopting changes that will increase them, writes the chairman of Whalen Global Advisors.

Refinance-driven prepayments responded to lower rates in February, rising to a high not seen in 17 months, according to ICE's latest Mortgage Monitor report.

Activity fell despite an ongoing slide in rates, but elevated interest in VA loans, particularly refinances, managed to lift the government-sponsored index higher by a fraction, the Mortgage Bankers Association said.

Purchase and refinance mortgages continued their slide as total origination volume was $475.5 billion during the final months of 2022, down 56% from the end of 2021.

After volumes peaked at their highest in over a decade in March, the reverse mortgage market ended the year with a bankruptcy and merger involving its largest companies.

Lenders that offer streamlined refinances in the future shouldn't be required to consider the borrower's income or employment status, according to the Mortgage Bankers Association. The trade group's comments were part of its response to a request for information on mortgage products that would support the financial stability of households.