Home Mortgage Application Levels Bounce Back
Applications for home mortgages increased a marginal amount, going up 0.5% last week after falling the week prior. Refinances made up 67.5% of total applications this past week despite the uptick in mortgage rates. Many borrowers across the country can still save themselves hundreds of dollars a month by refinancing their mortgages and it’s clear people are willing to take advantage of this opportunity. One other movement to note is the increase in VA and FHA mortgage refinance application volume this past week. Typically as rates rise and fall, in terms of volume, government backed conventional loans see more volatility than both FHA and VA loans and this past week was another example of that. ...Mortgage Application Volume Deflates
This week mortgage application volume decreased 11.4% from the previous week. The main cause of this large decrease may have been the large storm in Texas causing impacts on homeowners and lenders in the area, dropping application volume 40% in the state last week. The homes priced in the higher portion of the market are continuing to do well, with an average purchase loan size hitting $418,000. The FHA share of total mortgage volume increased to 11.2% from 9%. The VA share of total mortgage volume decreased to 11.9% from...Applications for Home Mortgage Loans Dip This Week
After an up and down start to 2021 in terms of mortgage loan application volume, this week saw yet another dip. The total amount of applications coming in last week dropped 4.1% from week before. Marking a fair portion of the total volume’s decrease was the fall in refinance applications, dipping 4%. This drop did not stop yet another week of year-over-year gains in the refinance market compared to this time in 2020. The FHA share of home mortgage applications increased from 9.1% to 9.5% this past week. The VA share of home mortgage applications increased from 12.1% to 13.3% this past...Home Mortgage Applications on the Rise Again
Last week mortgage application volume jumped 8.15% from the week prior. The previous two weeks application volume saw decreases after starting the year strong. Refinance volume was the highest, up 11% from the previous week, reaching the highest level since March 2020. This level of refinance activity was 59% higher than this time last year. The FHA share of mortgage application volume went down to 9.1% from 9.4% the previous week. The VA share of mortgage application volume went down also, dropping from 12.4% to 12.1% this...Connect With Us
