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U.S. weekly mortgage applications climb
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. surged 21.7 percent in the week ended August 9, following a 5.3
percent increase in the previous week.
According to
the report, refinance applications climbed 37 percent to the highest level
since July 2016, while applications to purchase a home rose 2 percent
Meanwhile, the
average fixed 30-year mortgage rate decreased to 3.93 percent from 4.01
percent.
“The 2019
refinance wave continued, as homeowners last week responded to extraordinarily
low mortgage rates. Fears of an escalating trade war, combined with economic
and geopolitical concerns, once again pulled U.S. Treasury rates lower,” noted
Joel Kan, MBA’s associate vice president of economic and industry forecasting.
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