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This blog post was written by La Shawn Skeete. La Shawn is a Summer Research Intern, and is currently studying at The University of Maryland, College Park pursuing a degree in Economics.
- Seasonally adjusted mortgage application volumes increased 0.8% from the week ending July 17th and are 11.1% higher than this time last year.
- Seasonally adjusted applications for purchase decreased slightly over the week by 0.1% but application volumes are 17.4% higher than this time last year.
- Government refinance applications are notably higher than this time last year (32.3%).
- 30-year FRM rates decreased 6 basis points over the week to 4.17% and remain less than they were in 2014 by 16 basis points.
- The increase in rental households may indicate young adults are leaving their parent’s home and forming households; soon this generation may be ready to delve into homeownership themselves.
Mortgage application data serve as an indicator to homes sales and other home related expenditures such as appliances and furniture.
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