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- U.S. weekly mortgage applications decrease 3.9 percent
U.S. weekly mortgage applications decrease 3.9 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. decreased 3.9 percent in the week ended May 29, following a 2.7
percent gain in the previous week.
According to
the report, refinance applications dropped 8.6 percent, while applications to
purchase a home surged 5.3 percent.
Meanwhile, the
average fixed 30-year mortgage rate fell to a record low 3.37 percent from 3.42
percent.
“The pent-up
demand from homebuyers returning to the market continues to support a recovery
from the weekly declines observed earlier this spring,” noted Joel Kan, an MBA
economist. “However, there are still many households affected by the widespread
job losses and current economic downturn. High unemployment and low housing
supply may restrain a more meaningful rebound in purchase applications in the
coming months.”
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