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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 3.1 percent in the week ended August 30, following a 6.2 percent
drop in the previous week.
According to
the report, refinance applications declined 7 percent, while applications to
purchase a home rose 4 percent.
Meanwhile, the
average fixed 30-year mortgage rate decreased to 3.87 percent from 3.94 percent.
“Ongoing trade
tensions between the U.S. and China led to volatile, yet declining Treasury
rates last week, causing the 30-year fixed mortgage rate to fall to 3.87%, its
lowest level since November 2016,” notes Joel Kan, MBA’s associate vice
president of economic and industry forecasting.
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