Mortgage applications

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

Bond investors are on alert for hints on when the Federal Reserve will deliver the two 2025 interest-rate cuts officials projected at their latest policy meeting.

The average 30-year fixed-rate mortgage rose slightly to 6.86% last week, as economic volatility calmed following the Federal Reserve's recent inaction.

Government-backed lending drove an increase in purchase mortgages for a second straight week, even as interest rates failed to drive refinance activity.

Refinance activity was up 16% from the end of February while purchase applications rose mildly, on the strength of fading rates amid larger economic woes.

The latest refinance surge helped lift total application activity up for a second straight week, even as purchases fell, the Mortgage Bankers Association said.

Consumer Financial Protection Bureau Director Rohit Chopra said the FICO credit-scoring model has drawbacks in price, predictiveness and market competition, and stakeholders should develop a more open-sourced model that uses artificial intelligence.

Affordability improved for a fourth straight month, but questions remain about whether recent trends will bring a significant number of buyers into the housing market.

Purchase activity trudged along during what lenders describe as a traditional end-of-summer slump.

While the lock-in effect on existing supply has helped drive consumer interest in new construction, first-time buyers have been taking a greater share of that inventory.