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- U.S. weekly mortgage applications tumble
U.S. weekly mortgage applications tumble
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. tumbled 11.9 percent in the week ended October 18, following a 0.5
percent gain in the previous week.
According to
the report, refinance applications plunged 17.1 percent, while applications to
purchase a home fell 3.6 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 4.02 percent from 3.92
percent.
“Interest rates
continue to be volatile, with Brexit votes and ongoing trade negotiations swinging
rates higher or lower on any given day.” said Mike Fratantoni, the MBA’s senior
vice president and chief economist. “Borrowers with larger loans are the most
sensitive to rate changes, and with rates climbing higher last week, the
average size of a refinance loan application fell to its lowest level this
year.”
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