New Mortgage Interest Drops According to New Survey
According to the most recent survey from the Mortgage Bankers Assocation, new mortgage application numbers have decreased 6.3% for the week ending July 15th. This marks the third week in a row that new mortgage applications have dropped. The demand for refinances specifically has reached a 22-year low making up only 31.4% of total applications. The FHA share of total application volume increased from 11.7% to 12.4% this past week. The VA share of total application volume decreased from 11.2% to 10.6% this past...New Application Numbers Dip Once Again
According to a report from the Mortgage Bankers Assocation new mortgage applications decreased 1.7% for the week ending July 8th. Refinance application volume increased 2% during the same period and was 80% lower than this same time a year ago. Refinances made up 30.8% of total application volume during this period. The FHA share of mortgage application volume decreased from 12% to 11.7% this period. The VA share of mortgage application volume increased from 11.1% to 11.2% this...Mortgage Applications Decrease
According to a report from the Mortgage Bankers Association, new mortgage applications decreased 5.4% from the prior week for the period ending July 1st. When you look at new mortgage application volume year-over-year there was a total decrease of about 78%. Refinance application volume specifically dropped 8% from the previous week and made up 29.6% of total new applications. The FHA share of mortgage application volume remained at 12% this week. The VA share of mortage application volume decreased from 11.2% to 11.1% this...Mortgage Numbers Increase Last Week
According to data from the Mortgage Bankers Association mortgage application volume increased 4.2% in the week ending June 17th. Refinance volume specifically fell 3% during the same period making the year-over-year refinance application volume 77% lower than the same week ago last year. Refinance application volume made up only 29.7% of total applications last week. The FHA share of total application volume increased to 12% from 11.8% the prior week. The VA share of total application volume decreased to 10.7% from 11.7% the prior...Almost Half of All Homeowners Considered Equity Rich
As home prices continue to soar, the number of homeowners that are now considered “equity rich” has reached nearly 45%, a 13% increase year-over-year. For a homeowner to be considered equity rich they must have at least 50% equity in their home, which has become a much easier feat with rising home prices across the country. Idaho, Vermont, Utah and Washington had the highest rate of equity rich owners in Q1 of 2022. In the opposite case, only 3.2% of mortgaged homes were considered seriously underwater in the first quarter of 2022. Any homeowner owing 25% more than the current market value of their home is considered seriously underwater. Mississippi, Louisiana, and Wyoming had the highest level of mortgages considered seriously underwater. As home prices continue to rise as the back half of 2022 comes into sight, it’s expected that more and more homeowners will be considered equity rich going into 2023. By the same token it’s expected less homeowners will be considered seriously underwater on their...Connect With Us
