The application volume for residential mortgages fell 6.8% for the period ending March 25th according to a report from the Mortgage Bankers Association. With rates still rising, the incentive for people to refinance is less now than any point in 2021. Refinance application volume fell 15% from last period and is down 10.1% year over year. Refinance volume only makes up 40.6% of total mortgage application volume currently.
- The VA share of mortgage application volume went from 9.8% to 9.5% last period.
- The FHA share of mortgage application volume went from 8.8% to 9.3% last period.
