For the week ending October 1st, mortgage application volume dropped 6.9%. Refinance volume dropped 10% from the previous period amidst rising interest rates. Purchase activity also saw a 2% dip this past period. Year-over-year total mortgage application volume was down 15% compared to last year. Refinances still made up 64.5% of new mortgage applications despite falling from 66.4% the previous week.
- The FHA share of mortgage application volume increased to 10.5% from 9.5% the previous period.
- The VA share of mortgage application volume increased to 10.3% from 10.2% the previous period.
