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U.S. weekly mortgage applications decrease
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 5.0 percent in the week ended December 13, following a 3.8
percent advance in the previous week.
According to
the report, refinance applications slumped 6.5 percent, while applications to
purchase a home dropped 2.1 percent.
Meanwhile, the
average fixed 30-year mortgage rate remained unchanged at 3.98 percent.
“As we move into the slowest time of the year for home sales, purchase application volume is declining but continues to outperform year-ago levels, when rates were much higher,” said Mike Fratantoni, MBA’s chief economist. “2019 was another year of inadequate housing supply in relation to demand. The good news is that the tide could be slowly turning for potential buyers. Housing starts and permits rose strongly in November, and homebuilder confidence has surged to a level not seen since 1999.”
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