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- U.S. weekly mortgage applications drop 8.7 percent
U.S. weekly mortgage applications drop 8.7 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 8.7 percent in the week ended June 19, following an 8.0 percent
surge in the previous week.
According to
the report, refinance applications decreased 11.7 percent, while applications to
purchase a home fell 3.0 percent.
Meanwhile, the
average fixed 30-year mortgage rate remained at a record low 3.30 percent.
“One factor
that may potentially crimp growth in the months ahead is that the release of
pent-up demand from earlier this spring is clashing with the tight supply of
new and existing homes on the market,” noted Joel Kan, an MBA economist.
“Additional housing inventory is needed to give buyers more options and to keep
home prices from rising too fast.”
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