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- U.S. weekly mortgage applications surge 9.3 percent
U.S. weekly mortgage applications surge 9.3 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. surged 9.3 percent in the week ended June 5, following a 3.9
percent drop in the previous week. That was the biggest rise in mortgage
applications since the last week of March.
According to
the report, refinance applications climbed 11.4 percent, while applications to
purchase a home increased 5.3 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose to 3.38 percent from a record low 3.37
percent.
“The recovery
in the purchase market continues to gain steam, with the seasonally adjusted
index rising to its highest level since January,” noted Joel Kan, an MBA
economist. “Purchase activity increased for the eighth straight week.”
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