Mortgage application volume fell 0.6% for the week ending December 17th according to a report from the Mortgage Bankers Association. The lower end of the market specifically saw less applications for purchases coming in. Compared to last year, refinance volume was down 42.4% year-over-year. However, refinances still made up 65.2% of total mortgage application volume last week, up 1.9% from the previous period. The average purchase loan amount increased to $416,200 for last week’s period.
- The VA share of mortgage application volume was 11.5% last week.
- The FHA share of mortgage application volume was 9.6% last week, remaining unchanged from the prior period.
