Mortgage Application Volume Stumbles
Applications for new mortgages saw a 1.1% drop for the week ending September 24th according to a report from the Mortgage Bankers Association. Specifically, purchase mortgage applications dropped 1.2% while the refinance application volume dropped 0.9%. Mortgage rates were up slightly in this same period causing buyers and home owners looking to refi to consider waiting for the rates to fall again. The FHA share of total application volume fell from 11.5% to 10.4% this past week. The VA share of total application volume fell from 10.4% to 10.2% this past...Refinance Application Numbers Ticks Upwards
The week after Labor Day saw a 4.9% jump in mortgage application volume per a report by the Mortgage Bankers Association. Leading this jump in volume was a huge increase in refinance applications, rising 7% from the previous week. Demand for housing continues to be high despite low inventory leading to higher prices as we enter fall. Overall applications for mortgages are 13% lower than this time last year, but the demand for housing remains well above normal levels. The FHA share of mortgage volume increased to 11.5% from 9.9% the week prior. The VA share of mortgage volume increased to 10.4% from 10.2% the week...Purchase Mortgage Application Volume Trends Up
Mortgage application volume increased 0.3% this past week ending in September 10th. This increase in application volume was led by purchase applications coming in at a much higher level than the previous weekly period. Refinance applications fell by 3% as the purchase applications rose 8%, marking the highest level of purchase mortgage applications since April 2021. The FHA share of mortgage application volume dipped to 9.9% from 10.9% the week prior. The VA share of mortgage application volume dipped to 10.2% from 10.4% the week...Fewer First Time Homebuyers are Competing for Homes
From June to July existing-home sales increased by 2% according to a report from the National Association of Realtors. Year-over-year there was a 1.5% increase in completed transactions of single-family homes, townhomes, and condominiums. After having 12+ months of low inventory, the availability of unsold homes in the market rose 7.3% from June to July. As more and more sellers enter the market, the hope of leading economists is that it will level the playing field for homebuyers moving forward. First time homebuyers may still feel a bit priced out of the market as the median existing home sales price rose to $359,900 in July, up from $305,600 last year. This 17.8% increase in price seems to be pushing some buyers out of the market. NAR released a report recently stating that 30% of sales in July were completed by first time homebuyers compared to 34% this time last year. Adding more inventory and having purchase prices stabilize should allow new buyers to be more comfortable in today’s...Mortgage Application Volume Slips
In the week ending August 27th, mortgage application volume dropped 2.4% according to a report from the Mortgage Bankers Association. The level of refinance application activity saw a big decrease specifically falling 4%. Overall refinances made up only 66.8% of total mortgage application volume, down 0.5% from the previous week. Even in today’s extremely low rate environment, borrowers are still waiting for rates to get even lower. The FHA share of mortgage application volume was 11.2%, up from 11% the week...Connect With Us
