Tagged: Mortgage Bankers Association (MBA)

Resilient job market fuels record low delinquencies, yet early signs of credit stress emerge in certain states

Rising interest rates and low inventory fuel decline in mortgage applications, with 30-year fixed mortgage rate hitting highest level since 2002.

There was a notable decrease in the jumbo category.

Warning issued over new rules by government agencies.

MBA says drop due to rising rates and declining inventory.

The national median mortgage payment drops marginally and affordability was flat.

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.