According to data from the Mortgage Bankers Association mortgage application volume increased 4.2% in the week ending June 17th. Refinance volume specifically fell 3% during the same period making the year-over-year refinance application volume 77% lower than the same week ago last year. Refinance application volume made up only 29.7% of total applications last week.

 

• The FHA share of total application volume increased to 12% from 11.8% the prior week.
• The VA share of total application volume decreased to 10.7% from 11.7% the prior week.

Fannie Mae’s Home Purchase Sentiment Index tracks the housing market and consumer confidence to either buy or sell a home. In April, this index reached 68.5 marking the lowest level in the index since May 2020. The index is made up of six components including whether or not consumers believe it’s a good time to buy or sell and whether or not mortgage rates will rise or fall. According to the survey 76% of consumers think it’s a bad time to buy a home. The largest portion of survey responders that answered this way were between the ages of 18 to 34, showing that an increase in interest rates is concerning to many first-time homebuyers. Also included in the survey are questions about a consumer’s employment and income outlook. 84% of consumers believed they had nothing to worry about in regard to losing their jobs, but only 26% of consumers were making more money than this time last year.

According to a report from the Mortgage Bankers Association, new mortgage application volume fell 1.2% for the week ending May 20th. Refinances made up 32.3% of total application volume, marking a 0.7% decrease from the previous week. As interest rates start to steady, it will be interesting to see the effect on new mortgage demand.

 

• The FHA share of new mortgage applications increased to 11.3% this week.
• The VA share of new mortgage applications fell to 10.4% this week.

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.

 

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 prior.

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 week.

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.