As Summer Nears, Mortgage Application Volume Dwindles
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...Fewer Mortgage Applications Submitted Last Week
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...New Mortgage Application Volume Drops 4%
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...Back to Back Rises in Mortgage Application Volume
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...Mortgage Applications Dip Once Again
Mortgage application volume once again experienced a dip, falling 0.9% last week. In a week marked by a slight rise in mortgage rates, refinance application volume remained unaffected, while purchase applications saw a minor fall. This marks the second straight week of decreases in purchase mortgage application volume. The lack of inventory remains a problem with purchase mortgages as the amount of people applying is outweighing the amount of homes available discouraging prospective buyers. The FHA’s share of mortgage applications decreased to 10.1% from 10.7%. The VA share of mortgage applications decreased from 12.2% to...Connect With Us
