Year-Over-Year Mortgage Applications are Down 55%
The week ending May 13th saw new mortgage application volume fall 11% according to a report from the Mortgage Bankers Assocation. Comparing new mortgage applications to this time last year, the total volume is down 55.8%, led by a 75.8% decrease year-over-year in refinance mortgage applications. Rates being much higher than this time last year has caused current homeowners who missed out on refinancing lain 2021 to be on the sideline right now. Purchase application volume is only down 15.2% from this time last year as many homebuyers are seeing the affordability of owning a home versus renting in today’s market even with higher interest rates. The FHA share of total application volume increased from 10.5% to 11.1% last week. The VA share of total application volume remained constant at 10.5% last week....Application Numbers Lifted Last Week
In the week ending April 29th, mortgage application volume rose by 2.5% led largely by the 4.1% increase in purchase applications. The report by the Mortgage Bankers Association points to an increase in application volume across the board after a slow start to the spring season. Comparing this week’s numbers to last year, volume is down 49.7%, which comes mainly from the drop in refinance volume (falling 70.7%). The FHA share of total mortgage application volume increased from 10.6% to 11.1% last week. The VA share of total mortgage application volume increased from 10.2% to 10.3% last...Numbers Drop for New Mortgage Applications
According to a report from the Mortgage Bankers Association, mortgage application volume fell 5% last week. This drop was paced by an 8% fall in refinance mortgage applications, marking a number 68% lower than this time last year. Purchase mortgage application volume was down 14% year-over-year. The average 30-year fixed interest rate is now 2% higher than this time last year, making it clear why we are seeing these application trends in today’s market. The FHA share of total applications increased to 9.9% from 9.5% the week prior. The VA share of total applications increased to 10.1% from 9.9% the week...Mortgage Applications Numbers Continue to Fall
During the period ending April 8th, mortgage application volume fell 1.3% according to a weekly survey from the Mortgage Bankers Association. Refinance application volume fell 5% from the previous week and 62% year-over-year. Almost four months into 2022, mortgage rates are up 1.5% causing refinance volume to drop drastically. Rates continuing to rise could cause further decreasing mortgage application volume as the year continues. The FHA share of mortgage applications increased to 9.5% from 9.2% of total application volume last week. The VA share of mortgage applications increased to 9.9% from 9.8% of total application volume last...Connect With Us
