Total home mortgage application volume dipped 0.5% last week after a 3.8% jump to end October according to a report from the Mortgage Bankers Association. However, the refinance volume increased by 1% from the previous week and is over 67% higher than this time in 2019. This 1% week-over-week increase is the highest increase in refinance applications since August of this year. Homebuying demand in total is up over 16% from last year, and would likely be even higher should more available homes be listed for sale to decrease competition.
- The FHA’s share of mortgage applications fell to 10.6% from 11.1%.
- The VA share of applications increased to 12.6% from 12.2%.
