Mortgage application volume once again experienced a dip, falling 0.9% last week. In a week marked by a slight rise in mortgage rates, refinance application volume remained unaffected, while purchase applications saw a minor fall. This marks the second straight week of decreases in purchase mortgage application volume. The lack of inventory remains a problem with purchase mortgages as the amount of people applying is outweighing the amount of homes available discouraging prospective buyers.
- The FHA’s share of mortgage applications decreased to 10.1% from 10.7%.
- The VA share of mortgage applications decreased from 12.2% to 11.9%.
