According to a report from the Mortgage Bankers Association, mortgage application volume fell 5% last week. This drop was paced by an 8% fall in refinance mortgage applications, marking a number 68% lower than this time last year. Purchase mortgage application volume was down 14% year-over-year. The average 30-year fixed interest rate is now 2% higher than this time last year, making it clear why we are seeing these application trends in today’s market.
- The FHA share of total applications increased to 9.9% from 9.5% the week prior.
- The VA share of total applications increased to 10.1% from 9.9% the week prior.
