Pending sales fell to their lowest level since early April, but lower asking prices and reduced competition give originators more options to structure deals for qualified borrowers
Contract signings fell 5.4% from May as elevated borrowing costs and record home prices continued to pressure affordability, particularly for first-time buyers
New home purchase mortgage applications rose modestly in January, highlighting steady buyer demand and the growing role of new construction in supporting originations despite ongoing affordability constraints
Refis jump almost 60%; ARM share climbs to highest since 2008
Purchase and refinance applications jump; refis account for nearly half of all activity
How LOs and brokers should prepare for possible changes
Though overall applications fell, refis edged higher on lower FHA and VA rates
Mortgage applications slip overall as refinances cool, but loan size hits two-month high
Refi share eases, FHA refinances gain ground while purchase activity holds steady
Refi apps claim largest portion in months as ARMs see 25% spike