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- U.S. weekly mortgage applications fall
U.S. weekly mortgage applications fall
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 1.1 percent in the week ended July 12, following a 2.4 percent
decrease in the previous week.
According to
the report, applications to purchase a home dropped 3.8 percent, while refinance
applications rose 1.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 4.12 percent from 4.04
percent.
“Refinance
applications increased, with activity reaching its highest level in a month,
driven mainly by FHA refinance applications. Historically, government refinance
activity lags slightly in response to rate changes,” said Joel Kan, an MBA
economist.
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