The week after Labor Day saw a 4.9% jump in mortgage application volume per a report by the Mortgage Bankers Association. Leading this jump in volume was a huge increase in refinance applications, rising 7% from the previous week. Demand for housing continues to be high despite low inventory leading to higher prices as we enter fall. Overall applications for mortgages are 13% lower than this time last year, but the demand for housing remains well above normal levels.
- The FHA share of mortgage volume increased to 11.5% from 9.9% the week prior.
- The VA share of mortgage volume increased to 10.4% from 10.2% the week prior.
