This past week, mortgage application volume increased 12%. This increase was led by a somewhat surprising uptick in demand for refinances according to the Mortgage Bankers Association survey. When you compare these numbers to last year, mortgage applications dropped 37% overall with refinances specifically seeing over a 50% decrease. Refinance applications made up 57.3% of total applications this past week. With rates creeping up, seeing more refinance inquiries is definitely interesting.
- The FHA share of total applications decreased from 8.6% to 7.7% this past week.
- The VA share of total applications decreased from 9.9% to 9.1% this past week.
