Mortgage application volume fell 4.6%
According to the Mortgage Bankers Association, Mortgage application volume fell 4.6% during the week ended May 23. Refinance volume declined 8.9%, pushing total volume lower. Refinance applications accounted for 46.1% of total applications, down from 48.2% a week earlier. Purchase volume rose 0.1%. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week. What does this mean to the lead industry? Simply put, it means that the demand for quality leads should only increase as the demand for loans decreases. For Companies that can deliver high quality Mortgage Leads, the demand should remain relatively strong as fewer Companies tangle fro market share.