According to data from the newest Mortgage Bankers Association’s Weekly Survey, applications for new mortgage increased by 3.2% this past week. Refinance mortgage applications increased 3% during this period marking a volume 85% lower than this same week last year. Refinance application made up 29.4% of total application volume, which was an increase of 0.7%. Rates falling will increase refinance demand and also reintroduce buyers to the market.
- The FHA share of total applications decreased from 13.7% to 13.1% this past week.
- The VA share of total applications increased from 11.4% to 11.5% this past week.
