For the second straight week, mortgage application volume has taken a 4% dip. Refinance activity has also dropped for the second straight week. Compared to 2020, purchase applications are down about 2% but still remain high in comparison to most other years. Inventory continues to be an issue for potential buyers as the prices are rising due to increased demand relative to available homes. These pricing increases are causing some buyers to feel priced out of the market and discouraging them from applying for home mortgages.
- The FHA share of mortgage application volume increased to 9.6% from 9.1%.
- The VA share of mortgage application volume decreased to 10.9% from 11.2%.
