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- U.S. mortgage applications fell 3.5 percent lats week
U.S. mortgage applications fell 3.5 percent lats week
The Mortgage Bankers Association (MBA) announced on Wednesday the U.S. mortgage applications fell 3.5 percent in the week ended April 12, following a 5.6 percent drop in the previous week.
According to the report, refinance application declined 8.2 percent, while applications to purchase a home increased 0.9 percent, reaching their highest level since April 2010.
At the same time, the average contract interest rate for 30-year fixed-rate mortgages rose by 4 bps to 4.44 percent.
“With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8%, and average loan sizes dropped back closer to normal levels,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The spring buying season continues to be robust.”
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