For the ninth straight week the number of mortgage loan applications has climbed. In the last calendar week, the number of applications for home mortgage loans has risen 4.1% according to the Mortgage Bankers Association. Part of the rise in home mortgage loan numbers is the rise in the refinance rate (5%) over last week’s numbers. This 5% gain also represents a 112% increase in the refinance levels year-over-year. The share of home mortgage loan applications dedicated to refinances also saw a slight gain from 64.2% to 64.8% of total application volume. Some more detailed information regarding this week’s application data is as follows:
- FHA’s share of mortgage applications fell this week to 10.8% from 11.1%
- VA’s share of applications fell to 10.8% from 11%
There appears to still be high buyer demand in the market moving into the end of the summer.
