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- U.S. weekly mortgage applications increase 2.7 percent
U.S. weekly mortgage applications increase 2.7 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. increased 0.3 percent in the week ended May 22, following a 2.6 percent
drop in the previous week.
According to
the report, applications to purchase a home surged 8.6 percent, while refinance
applications decreased 0.2 percent.
Meanwhile, the
average fixed 30-year mortgage rate edged up to 3.42 percent from 3.41 percent.
“The home
purchase market continued its path to recovery as various states reopen,
leading to more buyers resuming their home search,” noted Joel Kan, an MBA
economist. “Additionally, the purchase loan amount has increased steadily in
recent weeks and is now at its highest level since mid-March.”
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