Refinance applications fell 4% last week, while applications for home purchases fell 3% and are now off 18% Y/Y. Refinance apps now make up about half of all mortgage volume, down from over 80% when rates were at record lows in 2012 and early 2013.
The average loan size continues to rise, this week reaching its highest level ever of $280,500. This coincides with a big rise in home prices, a surge in sales of more expensive homes, and the inability of first-time homebuyers to either get a mortgage or compete with the likes of Wall Street's all-cash buyers on the cheaper end of the market.
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