Mortgage application volume increased 2% for the period ending December 3rd according to a survey from the Mortgage Bankers Association. Compared to last year, mortgage application volume has dropped across all loan products, but still remains high overall. The main obstacle continues to be lack of inventory creating higher homes prices than some buyers are prepared for. Homebuying activity is still close to the highest levels the market has seen since March. Refinances made up 63.9% of total mortgage applications this past period.
- The FHA share of mortgage application volume was 9.9%, up from 8.9% the previous period.
- The VA share of mortgage application volume was 10.7%, up from 10.0% the previous period.
