In the week ending August 6th, mortgage application volume saw a 2.8% rise according to a report from the Mortgage Bankers Association. The previous week the U.S. Labor Department released a report stating 943,000 new jobs were added in July, the highest month-over-month growth since August 2020. During this period, refinances made up over 68% of total mortgage applications.

 

• The FHA share of mortgage application volume dropped to 8.9% from 9.0% the previous week.
• The VA shares of mortgage application volume dropped to 9.6% from 9.9% the previous week.

On July 30th, one day before the ban was to expire, The FHA and FHFA decided to extend the ban on evictions of borrowers with foreclosed properties until September. The same day more than a dozen real estate trade associations reached out to the Senate, HUD, and the U.S. Treasury asking them to not to consider extensions of the eviction ban. Most of the nations 44 million rentals are owned by private companies with complex financing scenarios. Because of this the government has a much harder time controlling the rental markets as opposed to the single-family housing market. This eviction ban extension applies specifically to the stock of foreclosed or real estate owned properties belonging to the FHA and FHFA.

The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Fee for loan deliveries effective August 1st. The 50-basis point fee previously being required from lenders will be removed, allowing families to save more money in today’s low rate environment. The elimination of this fee was the number one change that the mortgage industry had been asking the federal regulatory agency to make. The FHFA had begun charging this adverse market fee on refinance mortgages last year to mitigate risks and costs to the agency because of COVID-19. Some believed this fee was simply a way for Government Sponsored Entities (Fannie Mae and Freddie Mac) to increase cashflow during record levels of refinance volume. Either way, the removal of this fee and the increased cash savings of refinancing are benefiting home owners everywhere.

For the week ending in July 23rd, mortgage application volume increased 5.7%. According to a report from the Mortgage Bankers Association, the 30-year fixed mortgage rate hit it’s lowest levels since February and the 15-year fixed rate fell to a record low. These rate drops brought a wave of refinance activity, making up 67.2% of new mortgage application volume. Also of note, the FHFA reported that May home prices were up 18% year-over-year, showing how some buyers could feel price pressuring them out of the market.

 

• The FHA share of total mortgage application volume dropped to 9.1% from 9.6% the previous period.
• The VA share of total mortgage application volume dropped tp 9.8% from 10.5% the previous period.

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.

According to a report from the Mortgage Bankers Association, mortgage application volume fell 1.8% the first week of July. This decline marks the lowest level of new mortgage application volume since January 2020. The applications being filled out for new mortgages are seeing higher requested loan amounts, but fewer applications are coming in. Refinances are making up 61.6% of total mortgage applications, down .3% from the previous week.

 

• The FHA share of total mortgage applications remained at 9.8%.
• The VA share of total mortgage applications increased to 10.8%, up .3% from the previous week.

In the week ending June 18th, mortgage application volume rose once again. This 2.1% increase is the second consecutive rise in application volume. Refinances also saw a volume jump for the second week in a row, rising by 4% in conventional loan refinances specifically. Refinances made up 62.5% of total mortgage applications this past period.

 

• The FHA share of total mortgage applications fell from 9.6% to 9.5% this past week.
• The VA share of total mortgage applications fell from 11.5% to 11.2% this past week.

Following three weeks in a row of decreases, mortgage application number have rebounded for the period ending June 11th. Applications for both new purchase mortgages and refinances rose in volume this week, but refinances saw the biggest increase with a 5.5% gain. Year-over-year purchase application volume is down 17%, but levels remain historically high compared to other years. Refinances made up 61.7% of total mortgage applications in this past period.

 

• The FHA share of mortgage application volume increased from 9.5% to 9.6% this past week.
• The VA share of mortgage application volume increased from 11.2% to 11.5% this past week.

Mortgage application volume once again saw a decrease last week falling 3.1%. This marks the third week in a row that less mortgage applications have been submitted according to a report from the Mortgage Bankers Association. Refinance applications specifically saw a 5% drop this past week (the period ending June 4th). When you compare these numbers to last year, less people are applying for purchase mortgages and home prices are continuing to rise.

 

• The FHA share of mortgage application volume decreased from 9.6% to 9.5%.
• The VA share of mortgage application volume increased to 11.2% from 10.9%.

For the second straight week, mortgage application volume has taken a 4% dip. Refinance activity has also dropped for the second straight week. Compared to 2020, purchase applications are down about 2% but still remain high in comparison to most other years. Inventory continues to be an issue for potential buyers as the prices are rising due to increased demand relative to available homes. These pricing increases are causing some buyers to feel priced out of the market and discouraging them from applying for home mortgages.

 

• The FHA share of mortgage application volume increased to 9.6% from 9.1%.
• The VA share of mortgage application volume decreased to 10.9% from 11.2%.

This week marked the first decrease in mortgage application volume in the past three weeks after two straight increases. Refinances made up about 61.4% of total mortgage application volume this past week. Year-over-year refinance activity is down 9%, but this could be expected as last year saw record levels of refinances. Purchase activity was 4% lower this week than a year ago, but again this was expected due to last years high levels.

 

• The FHA share of mortgage application volume dropped to 9.1% from 9.2% last week.
• The VA share of application volume dropped to 11.2% from 12%.

According to the latest report from the Mortgage Bankers Association, home mortgage application volume increased for the second straight week for the week ending May 14th, 2021. Refinance volume is once again fluctuating to mirror mortgage rates, but over all refinances made up 63.3% of mortgage applications during this past week. Desire to buy a home is still high across the country, but the lack of inventory is remaining a problem for the purchase market. The increasing cost of building materials such as lumber is increasing the average cost to build a single-family home by around $35,000. If this trend continues, the prices of already completed homes will continue to rise also as people are beginning to be priced out of the new home market.

 

• The FHA share of total mortgage application volume dropped from 9.9% to 9.2% this past week.
• The VA share of total mortgage application volume increased to 12% from 11.7% this past week.