Mortgage loan application volumes to purchase a home in the U.S. ticked up 5 percent over the past week but were down 2 percent on a seasonally adjusted basis and 11 percent lower than at the same time last year, according to the Mortgage Bankers Association.

And while the average loan size was a record $433,500, “the decline in purchase activity was led by a 5 percent drop in government applications, compared to a modest less than one percent decline in conventional applications” and “the relative weakness in government purchase activity continues to contribute to higher loan sizes” (i.e., mix), according to the MBA.

Leave a Reply

Your email address will not be published. Required fields are marked *