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- U.S. weekly mortgage applications advance
U.S. weekly mortgage applications advance
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. rose 0.5 percent in the week ended October 11, following a 5.4
percent gain in the previous week.
According to
the report, refinance applications climbed 3.6 percent, while applications to
purchase a home fell 4.1 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 3.92 percent from 3.90
percent.
“Purchase
applications slowed for the second week in a row,” noted Joel Kan, the MBA’s
associate vice president of economic and industry forecasting. “While near-term
economic uncertainty is still a factor, other fundamental issues, such as a
lack of housing inventory in many markets, is preventing purchase activity from
meaningfully rising.”
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