In the week ending August 27th, mortgage application volume dropped 2.4% according to a report from the Mortgage Bankers Association. The level of refinance application activity saw a big decrease specifically falling 4%. Overall refinances made up only 66.8% of total mortgage application volume, down 0.5% from the previous week. Even in today’s extremely low rate environment, borrowers are still waiting for rates to get even lower.
- The FHA share of mortgage application volume was 11.2%, up from 11% the week prior.
