Government-backed loan applications fared slightly better, with FHA and VA applications seeing growth.
The FHA share of total applications rose to 13.2% from 12.7% the week prior, while the VA share increased to 12.1% from 12.0%. The USDA share of total applications decreased one basis point to 0.3%.
“Government purchase volume was down less, helped by growth in VA applications. The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs,” Fratantoni said.
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