Mortgage applications

The increase in federally backed loan activity helped drive overall volumes upward for the first time since early February, even as interest rates jumped again, according to the Mortgage Bankers Association.

The CFPB is requesting input on adding specifications that are intended to alleviate TRID compliance concerns on construction-to-permanent single-close loans and those requiring separate construction and home loan closings.

A week after it dropped to a 28-year low, purchase activity decreased again by over 5%, according to the Mortgage Bankers Association.

Buyer affordability has decreased by almost 22% in the past year, according to the Mortgage Bankers Association.

Volumes fell 18% compared to the previous week, while refinance activity also pulled back.

Higher interest rates helped drive down refinances by 87% and purchases by 42% compared to last year.

Ongoing weakness in housing markets and the economy has now driven purchase activity to its lowest level since 2015, while overall application numbers decreased for the 10th time in 11 weeks.

Decline was largely driven by a large dip in cash-out refinance locks.

Refinances inched up 2% as interest rates dipped, but accounted for only 31% of activity, compared to two-thirds a year ago.

Average purchase-loan amounts shrank for the second week in a row and are currently 12% below their record size in March.