Applications for home mortgages increased a marginal amount, going up 0.5% last week after falling the week prior. Refinances made up 67.5% of total applications this past week despite the uptick in mortgage rates. Many borrowers across the country can still save themselves hundreds of dollars a month by refinancing their mortgages and it’s clear people are willing to take advantage of this opportunity. One other movement to note is the increase in VA and FHA mortgage refinance application volume this past week. Typically as rates rise and fall, in terms of volume, government backed conventional loans see more volatility than both FHA and VA loans and this past week was another example of that.
