In the first week of 2021, mortgage application volume jumped 16.7% according to a report from the Mortgage Bankers Association. This comes as no surprise as year after year the market sees a jump in mortgage application volume to begin January after a slow finish to the year prior due to the holiday season. An increase in refinance volume has once again been a major factor in rising application numbers, bringing them to the highest level since March of 2020.
- FHA’s share of mortgage applications dropped to 9.6% from 10.1% the week before.
- VA’s share of mortgage applications increased by 2.2% from last week, reaching 15.8%.
