With home mortgage rates continuing to hover near record lows, mortgage application volume jumped 3.8% last week according to a report from the Mortgage Bankers Association. Refinance activity rose 6% from the previous week marking a level over 88% than this time last year. Refinance share’s of the application volume accounted for 68.7% of total applications this past week while we saw a small dip in purchase applications, falling 1%. Purchase applications are still 25% higher than the same week a year ago.
- The FHA’s share of applications fell to 11.1% from 11.7%.
- The VA share of applications increased to 12.2% from 11.4%.
