Mortgage Bankers Association (MBA)

Refinance activity declines, purchase volume slows amidst inventory constraints.

Total loans in forbearance decreased just one basis point.

As rates moved up past 7%, mortgage applications dropped over 10%.

The Mortgage Bankers Association reports a 19.1% year-over-year increase in new home purchase applications, with a seasonally adjusted annual rate reaching 700,000 units, the highest since October 2023.

A 2.3% fall in mortgage applications signals ongoing affordability challenges, with rising interest rates dampening both refinance and purchase demand.

The MBA says fourth quarter delinquencies climb.