According to a report from the Mortgage Bankers Association, new mortgage application volume fell 1.2% for the week ending May 20th. Refinances made up 32.3% of total application volume, marking a 0.7% decrease from the previous week. As interest rates start to steady, it will be interesting to see the effect on new mortgage demand.
- The FHA share of new mortgage applications increased to 11.3% this week.
- The VA share of new mortgage applications fell to 10.4% this week.
