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- U.S. weekly mortgage applications drop sharply
U.S. weekly mortgage applications drop sharply
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 10.1 percent in the week ended September 20, following a 0.1
percent drop in the previous week. That represented the biggest decrease since
the week ended July 2016.
According to
the report, refinance applications tumbled 15.2 percent, while applications to
purchase a home fell 3.1 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 4.02 percent from 4.01
percent.
“U.S. Treasury
yields trended downward over the course of last week, as the Federal Reserve
meeting highlighted the elevated uncertainty in the economic outlook. However,
despite falling yields, mortgage rates ticked up again and have risen 20 basis
points over the past two weeks,” said Joel Kan, MBA’s associate vice president
of economic and industry forecasting. “The increase in rates led to fewer
refinances, and activity has now dropped 17% over the last two weeks.”
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