According to new weekly data from the Mortgage Bankers Association, mortgage application volume dropped 3% compared to the previous week and 23% total year-over-year. 30-year interest rates have hit their highest level since June, causing interest in refinances to drop. Refinance application volume was only 30.7% of total applications this past week.
- The FHA share of mortgage application volume increased from 13.0% to 13.3% this past week.
- The VA share of mortgage application volume decreased from 11.1% to 10.8% this past week.
