Mortgage Bankers Association (MBA)

Average purchase loan size surges to a high of $432,700 since May-end amid persistent affordability challenges.

Applications, however, fell 5% from May, due in part to rising mortgage rates.

A decline in mortgage rates mostly boosted refinance applications.

A resilient labor market drove forbearance rates lower, the MBA says.

MBA's Market Composite Index rose 0.9%, despite interest rates rising above 7%.

Credit remains near its tightest level in the past decade.