With interest rates declining, mortgage and refinancing applications continue to rise
Sept. 25, 2024
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More mortgage and refinancing applications are being submitted as interest rates drop.
Mortgage applications are continuing to climb. According to the Mortgage Bankers Association, mortgage applications rose by 11% for the week ending Sept. 20, 2024. Similarly, refinancing applications surged by 20% from the prior week and were 175% higher than the same week last year. However, for other types of loans, this didn't hold true. While Veterans Administration loans saw a notable increase, there was a decrease in the number of loan applications filed through the U.S. Department of Agriculture and the Federal Housing Administration.
The FHA share of total applications decreased to 15.0 percent from 15.2 percent the week prior. The VA share of total applications increased to 18.3 percent from 16.8 percent the week prior. The USDA share of total applications decreased to 0.3 percent from 0.4 percent the week prior.
