According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 2.3% the week ending August 12th. The current rate at which people are applying for mortgages is at the lowest level since 2000. Refinances specifically decreased 5% from the previous week and totaled 82% lower year-over-year. Refinances still made up about 31.2% of total application volume during this last period.
- The FHA share of mortgage applications decreased from 12.1% to 12% this past week.
- The VA share of mortgage applications increased from 10.9% to 11.2% this past week.
