Mortgage application volume is up 2.3% from the previous period according to a report from the Mortgage Bankers Association. The amount of purchase applications rose 7.9% from the week prior, while the refinance numbers decreased 3.1%. The average loan size for purchase applications hit a record level this past week, at $418,500. The hot housing market creating higher prices has allowed record setting loan amounts to become more frequent over the last few years.
- The VA share of mortgage applications decreased from 11.4% to 10% last week.
- The FHA share of mortgage applications decreased from 9.9% to 9.3% last week.
