According to a report from the Mortgage Bankers Association, mortgage application volume fell 1.8% the first week of July. This decline marks the lowest level of new mortgage application volume since January 2020. The applications being filled out for new mortgages are seeing higher requested loan amounts, but fewer applications are coming in. Refinances are making up 61.6% of total mortgage applications, down .3% from the previous week.
- The FHA share of total mortgage applications remained at 9.8%.
- The VA share of total mortgage applications increased to 10.8%, up .3% from the previous week.
