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U.S. weekly mortgage applications surge
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. climbed 8.1 percent in the week ended September 27, following a 10.1
percent tumble in the previous week.
According to
the report, refinance applications surged 14.2 percent, while applications to
purchase a home rose 0.9 percent.
Meanwhile, the
average fixed 30-year mortgage rate decreased to 3.99 percent from 4.02
percent.
“Although
refinance activity slowed in September compared to August, the months together
were the strongest since October 2016. The slight changes in rates are still
causing large swings in refinance volume, and we expect this sensitivity to
persist,” said Joel Kan, MBA’s associate vice president of economic and
industry forecasting.
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