According to a survey from the Mortgage Bankers Assocation, new mortgage application volume decreased 3.7% during the week ending August 26th. Refinance volume was 8% lower this week than last week and 83% lower than this time last year. Mortgage rates were on the rise once again, pulling back interest in both purchase loans and refinances. Applications for refinances made up only 30.3% of total applications.
- The FHA share of mortgage application volume increased to 13% from 12.5% last week.
- The VA share of mortgage application volume decreased to 11.1% from 11.6% last week.
