Mortgage application volume once again saw a decrease last week falling 3.1%. This marks the third week in a row that less mortgage applications have been submitted according to a report from the Mortgage Bankers Association. Refinance applications specifically saw a 5% drop this past week (the period ending June 4th). When you compare these numbers to last year, less people are applying for purchase mortgages and home prices are continuing to rise.
- The FHA share of mortgage application volume decreased from 9.6% to 9.5%.
- The VA share of mortgage application volume increased to 11.2% from 10.9%.
