The application volume for residential mortgages fell 6.8% for the period ending March 25th according to a report from the Mortgage Bankers Association.  With rates still rising, the incentive for people to refinance is less now than any point in 2021. Refinance application volume fell 15% from last period and is down 10.1% year over year. Refinance volume only makes up 40.6% of total mortgage application volume currently.

 

• The VA share of mortgage application volume went from 9.8% to 9.5% last period.
• The FHA share of mortgage application volume went from 8.8% to 9.3% last period.

The week ending March 4th saw mortgage application numbers increase by 8.5%. This increase was also in line with the first average mortgage rate decrease in about three months. Compared the same time last year, mortgage application volume overall was down 35.8% with the largest drop in applications coming from refinance applications specifically (49.9%). Refinances made up 49.5% of new mortgage applications this past period.

 

• The FHA share of mortgage applications increased to 8.7% from 8.6% this past period.
• The VA share of mortgage applications increased to 10.4% from 10.2% this past period.

This past week, mortgage application volume increased 12%. This increase was led by a somewhat surprising uptick in demand for refinances according to the Mortgage Bankers Association survey. When you compare these numbers to last year, mortgage applications dropped 37% overall with refinances specifically seeing over a 50% decrease. Refinance applications made up 57.3% of total applications this past week. With rates creeping up, seeing more refinance inquiries is definitely interesting.

 

• The FHA share of total applications decreased from 8.6% to 7.7% this past week.
• The VA share of total applications decreased from 9.9% to 9.1% this past week.

Mortgage application volume is up 2.3% from the previous period according to a report from the Mortgage Bankers Association. The amount of purchase applications rose 7.9% from the week prior, while the refinance numbers decreased 3.1%. The average loan size for purchase applications hit a record level this past week, at $418,500. The hot housing market creating higher prices has allowed record setting loan amounts to become more frequent over the last few years.

 

• The VA share of mortgage applications decreased from 11.4% to 10% last week.
• The FHA share of mortgage applications decreased from 9.9% to 9.3% last week.

Mortgage application volume increased 2% for the period ending December 3rd according to a survey from the Mortgage Bankers Association. Compared to last year, mortgage application volume has dropped across all loan products, but still remains high overall. The main obstacle continues to be lack of inventory creating higher homes prices than some buyers are prepared for. Homebuying activity is still close to the highest levels the market has seen since March. Refinances made up 63.9% of total mortgage applications this past period.

 

• The FHA share of mortgage application volume was 9.9%, up from 8.9% the previous period.
• The VA share of mortgage application volume was 10.7%, up from 10.0% the previous period.