The week ending in July 16th saw a drop in mortgage application volume according to a report from the Mortgage Bankers Association. The 4% volume decrease came this past period after a previous weekly gain of 16% following mortgage rates dropping. Limited inventory and high prices are still keeping some potential homebuyers out of the market. Refinance applications made up 64.9% of total application volume, increasing by .8% since the last weekly period.
- The FHA share of total mortgage application volume increased from 9.5% to 9.6% this past week.
- The VA share of total mortgage application volume increased from 10.3% to 10.5% this past week.
