Mortgage applications

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.

A spike in government-sponsored applications helped lead indexes to their largest gains in several weeks.

Average loan size also continues to increase, as demand remains high and costs in homebuilding materials rise this year.

But the percentage of weekly applications in that category was closer to 60%, the Mortgage Bankers Association found.

Mortgage rates that are rising in tandem with a recovering economy dampened borrower activity, even with prime homebuying season underway.

While the economic recovery and stimulus checks drove upward movement in purchases, it wasn’t enough to offset tumbling refinance activity.

While financing costs are still low enough to offset sticker-shock from rising home prices, a slight increase in the average 30-year conforming rate weighed on borrowers, according to the Mortgage Bankers Association.

Mortgage applications decreased 1.9% from one week earlier as rising rates started to affect refinance activity, according to the Mortgage Bankers Association.