The week ending May 13th saw new mortgage application volume fall 11% according to a report from the Mortgage Bankers Assocation. Comparing new mortgage applications to this time last year, the total volume is down 55.8%, led by a 75.8% decrease year-over-year in refinance mortgage applications. Rates being much higher than this time last year has caused current homeowners who missed out on refinancing lain 2021 to be on the sideline right now. Purchase application volume is only down 15.2% from this time last year as many homebuyers are seeing the affordability of owning a home versus renting in today’s market even with higher interest rates.
- The FHA share of total application volume increased from 10.5% to 11.1% last week.
- The VA share of total application volume remained constant at 10.5% last week.
