According to a report from the Mortgage Banker’s Association, mortgage applications saw a modest 0.2% increase the week ending August 5th. Refinance volume rose enough to barely edge out the decrease in new purchase applications marking an overall gain in application volume. Refinance applications made up 32% of total applications last week. As rates continue to remain volatile, being ready to act on financing applications will provide an advantage.
- The FHA share of mortgage applications increased to 12.1% from 11.9% the previous week.
- The VA share of mortgage applications increased to 10.9% from 10.8 the previous week.
