According to a report from the Mortgage Bankers Association, new mortgage applications decreased 5.4% from the prior week for the period ending July 1st. When you look at new mortgage application volume year-over-year there was a total decrease of about 78%. Refinance application volume specifically dropped 8% from the previous week and made up 29.6% of total new applications.
- The FHA share of mortgage application volume remained at 12% this week.
- The VA share of mortage application volume decreased from 11.2% to 11.1% this week.
