Mortgage applications

Overall application activity was down by more than 40% compared with one year ago, the Mortgage Bankers Association found.

Steadily climbing rates have contributed to a 40% decline in loan activity from one year ago.

And a recent slowdown in government-backed loan issuance is pushing average purchase amounts to another record high.

Increasing rates contributed to a sluggish pace for refinances, but the purchase market showed sustained strength.

Increased purchase activity countered a slowdown in refinance applications, which were impacted by rising rates.

Such applications have declined on an annual basis for the past three months, but overall weekly numbers increased due to a jump in refinances amid plummeting rates.

Despite lower numbers, refi applications continued trending strongly, while purchases fell close to lows from more than a year ago.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

Increases in refinances, both in applications and average size, help lead overall numbers higher

Demand was strongest at the high end of the market, which pushed loan amounts up for the fourth straight month.