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U.S. weekly mortgage applications climb
The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 5.0 percent in the week ended January 31, following a 7.2 percent surge in the previous week.
According to the report, refinance applications jumped 15.3 percent, while applications to purchase a home fell 9.5 percent.
Meanwhile, the average fixed 30-year mortgage rate dropped to 3.71 percent from 3.81 percent. That was the lowest level since October 2016.
"The 10-year Treasury yield fell around 20 basis points over the course of last week, driven mainly by growing concerns over a likely slowdown in Chinese economic growth from the spread of the coronavirus. This drove mortgage rates lower, with the 30-year fixed rate decreasing for the fifth time in six weeks," noted Joel Kan, MBA's associate vice president of economic and industry forecasting.
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