Last week home mortgage application volume continued to fall due to low inventory and slightly higher mortgage interest rates. Overall application volume dropped 3.7% last week marking the third straight week of declining purchase activity. Purchase activity was not the only sector of mortgage application volume decrease as refinance application numbers fell also.
- The FHA share of total mortgage application volume increased from 10.2% to 10.8% last week.
- The VA share of mortgage application volume decreased from 13.38% to 12.1% last week.
