The amount of home mortgage applications decreased for the third straight week, paced by a 5% drop in mortgage refinance applications. Overall total application volume was down 2.5% from the week prior. The main issue with application volume right now continues to be the low inventory levels pushing up home prices and discouraging some buyers from entering the market. Should inventory catch up to demand, home mortgage purchase applications should rebound as well.
- The FHA share of total mortgage applications remained at 11.7% this past week seeing almost no change.
- The VA share of total mortgage applications decreased to 9.8% from 10.3% the previous week.
