This week mortgage application volume decreased 11.4% from the previous week. The main cause of this large decrease may have been the large storm in Texas causing impacts on homeowners and lenders in the area, dropping application volume 40% in the state last week. The homes priced in the higher portion of the market are continuing to do well, with an average purchase loan size hitting $418,000.
- The FHA share of total mortgage volume increased to 11.2% from 9%.
- The VA share of total mortgage volume decreased to 11.9% from 13.2%.
