The Mortgage Bankers Association released a report this week detailing a 5.1% increase in mortgage applications from last week. According to the same report, the refinance index also increased 12% from the previous week, marking the highest level of refinance activity in over a month. This increase also marks a 107% gain year-over-year in refinance volume. Low mortgage interest rates are a driving factor in the high volume of purchase/refinance applications in the mortgage market. Specifically regarding the purchase loan application statistics the following sticks out:
- FHA’s share of applications increased to 11.1% from 10.9%
- VA’s share of applications increased to 11% from 10.4%
As a whole, the loan application numbers are continuing to trend upwards.
