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- U.S. weekly mortgage applications jump 8.0 percent
U.S. weekly mortgage applications jump 8.0 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. climbed 8.0 percent in the week ended June 12, following a 9.3 percent
surge in the previous week.
According to
the report, refinance applications jumped 10.3 percent, while applications to
purchase a home increased 3.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate fell to a record low 3.30 percent from 3.38
percent.
“The housing
market continues to experience the release of unrealized pent-up demand from
earlier this spring, as well as a gradual improvement in consumer confidence,” noted
MBA economist Joel Kan. “Refinancing continues to support households’ finances,
as homeowners who refinance are able to gain savings on their monthly mortgage
payments in a still-uncertain period of the economic recovery,” Kan added.
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