For the week ending in July 23rd, mortgage application volume increased 5.7%. According to a report from the Mortgage Bankers Association, the 30-year fixed mortgage rate hit it’s lowest levels since February and the 15-year fixed rate fell to a record low. These rate drops brought a wave of refinance activity, making up 67.2% of new mortgage application volume. Also of note, the FHFA reported that May home prices were up 18% year-over-year, showing how some buyers could feel price pressuring them out of the market.
- The FHA share of total mortgage application volume dropped to 9.1% from 9.6% the previous period.
- The VA share of total mortgage application volume dropped tp 9.8% from 10.5% the previous period.
