Home mortgage application volume fell 3.3% last week after seeing a small spike in interest rates according to a report from the Mortgage Bankers Association. The refinance application volume fell 5% from the previous week also. Year-to-year the refinance application volume was still 38% higher than last year marking the thirteenth straight week of year-over-year gains. According to this report, the refinance share made up 64.6% of the mortgage activity in the last week. Overall the housing market remains a bright spot in the current economic activity. Housing supply could be increasing as well to better meet the strong demand for buying a home.
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