The week ending March 4th saw mortgage application numbers increase by 8.5%. This increase was also in line with the first average mortgage rate decrease in about three months. Compared the same time last year, mortgage application volume overall was down 35.8% with the largest drop in applications coming from refinance applications specifically (49.9%). Refinances made up 49.5% of new mortgage applications this past period.
- The FHA share of mortgage applications increased to 8.7% from 8.6% this past period.
- The VA share of mortgage applications increased to 10.4% from 10.2% this past period.
