Mortgage Bankers Association

A pickup in refinances was offset by the first pullback in purchases in four weeks in the run-up to Labor Day, according to the Mortgage Bankers Association.

July's growth in products correspond with a noticeable rise in new applications for adjustable-rate mortgages as borrowers respond to recent rate movements.

In remarks at a Mortgage Bankers Association conference, the trade group's CEO also acknowledged the need for some guardrails to remain in place.

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

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

Purchases managed a small rise, but refinance activity held steady, according to the Mortgage Bankers Association.

While the total dollar volume of apartment originations fell last year, the number of companies making loans increased from 2022, the Mortgage Bankers Association said.

Moderating price growth and higher wages are leading to affordability relief, according to the Mortgage Bankers Association.

Declining refinance activity offset the growth in government-backed purchases, the Mortgage Bankers Association said.

Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week.

At an industry conference, Consumer Financial Protection Bureau Director Rohit Chopra said he was open to suggestions on how to increase choice and competition to benefit mortgage lenders and borrowers.

Loan volumes fell for the third straight week, with depressed demand for government lending driving activity downward, the Mortgage Bankers Association said.

Mortgage application activity had its largest decline in a year, according to the Mortgage Bankers Association.

Lending activity among builders surged over 22% annually in December, but the growing share of FHA-backed borrowing in the segment took a step back for the first time in four months, the Mortgage Bankers Association said.

The end-of-year slowdown comes after a recent fall surge, but overall activity still finished 6% below late 2022 levels, according to the Mortgage Bankers Association.

Activity fell despite an ongoing slide in rates, but elevated interest in VA loans, particularly refinances, managed to lift the government-sponsored index higher by a fraction, the Mortgage Bankers Association said.

Falling interest rates are behind a recent spike in government-backed lending as well as refinances, according to the Mortgage Bankers Association.

Decreasing availability of jumbo and non-QM products accounted for most of November's pullback, as other types of loan offerings saw minimal changes, the Mortgage Bankers Association said.

Income-producing loans secured by real estate are under pressure at banks, the government-sponsored enterprises, insurers, and in CMBS to varying degrees.

Heightened government-backed activity also helped bring the average loan size down to its lowest mark in 2023, with purchase amounts falling below $400,000 for the first time since January, the Mortgage Bankers Association found.