According to a report from the Mortgage Bankers Association, new mortgage applications dropped once again this week marking the second week in a row. The 1.2% decrease was a 21% drop from last year. Specifically refinances dropped 3% from last week and was 83% lower year-over-year. Refinances made up 31.1% of total applications last week.
The FHA share of total application volume increased from 12% to 12.5% this past week.
The VA share of total application volume increased from 11.2% to 11.6% this past week.
