As Higher-End Market Escalates, Mortgage Applications Fall
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...FHA Refis Lead Surge in Mortgage Applications
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. ...Mortgage Application Volume Propped Up By Refinances
For the week ending November 5th, mortgage application volume saw a 5.5% increase according to a Mortgage Bankers Association report. Refinances particularly saw a 7% increase in application volume despite being 28% lower than this time last year. New purchase application volume also rose 3% this past week. The FHA share of total mortgage application volume increased from 9.9% to 10.2%. The VA share of total mortgage application volume decreased from 9.2% to...With Rates Rising, Mortgage Activity Dips Again
According to a report from the Mortgage Bankers Association, mortgage application activity dropped 6.3% for the week ending October 15th. As a part of this decrease, mortgage refinance application volume decreased for the fourth consecutive week marking the lowest level since July 2021. High levels of competition and rising home prices continue to scare some potential buyers out of the housing market. ...Refi Appetite Falters with Rising Rates
For the week ending October 1st, mortgage application volume dropped 6.9%. Refinance volume dropped 10% from the previous period amidst rising interest rates. Purchase activity also saw a 2% dip this past period. Year-over-year total mortgage application volume was down 15% compared to last year. Refinances still made up 64.5% of new mortgage applications despite falling from 66.4% the previous week. The FHA share of mortgage application volume increased to 10.5% from 9.5% the previous period. The VA share of mortgage application volume increased to 10.3% from 10.2% the previous...Connect With Us
