Mortgage rates

An equal split of refinance and purchase rate locks occurred during July, helped by elimination of the adverse market fee, Black Knight said.

Tight inventory and heightened competition kept prime purchasers at bay as property values continued their summer surge, according to Fannie Mae.

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.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

Boosts in purchases and cash-out refinances drove the summer turnaround, according to Black Knight.

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

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

Changed borrower psychology and the severe housing inventory shortage dropped lending activity across the board, according to Black Knight.

Home prices grew at a record annual pace in April but indicators of a possible slowdown popped up in May, Redfin noted.