According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 1.8% in the week ending July 22nd. This marks the fourth straight week less mortgage applications have been submitted. Refinance applications specifically have decreased 4% from the previous week and were 83% lower than this same time last year. Mortgage rates have begun to stabilize after the volatility of the last few months but increased economic uncertainty has caused some potential buyers to drag their feet.
- The FHA share of mortgage application volume decreased from 12.4% to 12.1% this past week.
- The VA share of mortgage application volume remained at 10.6% this past week.
