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U.S. weekly mortgage applications drop
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 2.2 percent in the week ended November 15, following a 9.6 percent
climb in the previous week.
According to
the report, refinance applications decreased 7.7 percent, while applications to
purchase a home went up 6.7 percent
Meanwhile, the
average fixed 30-year mortgage rate fell to 3.99 percent from 4.03 percent.
“U.S. and China
trade anxieties and protests in Hong Kong pulled U.S. Treasurys lower last
week, and the 30-year fixed mortgage rate followed the same path, dipping below
4%,” noted Joel Kan, MBA’s associate vice president of economic and industry
forecasting. “Rates have stayed in the same narrow range of around 4% since
July, so we may be starting to see the expected slowdown in refinancing as the
pool of eligible homeowners shrinks.”
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