During the period ending April 8th, mortgage application volume fell 1.3% according to a weekly survey from the Mortgage Bankers Association. Refinance application volume fell 5% from the previous week and 62% year-over-year. Almost four months into 2022, mortgage rates are up 1.5% causing refinance volume to drop drastically. Rates continuing to rise could cause further decreasing mortgage application volume as the year continues.
- The FHA share of mortgage applications increased to 9.5% from 9.2% of total application volume last week.
- The VA share of mortgage applications increased to 9.9% from 9.8% of total application volume last week.
