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- U.S. weekly mortgage applications drop 1.8 percent
U.S. weekly mortgage applications drop 1.8 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 1.8 percent in the week ended June 26, following an 8.7 percent
decline in the previous week.
According to
the report, refinance applications decreased 2.2 percent, while applications to
purchase a home dropped 1.3 percent.
Meanwhile, the
average fixed 30-year mortgage rate edged down from 3.30 percent to record low
3.29 percent.
“The weakening
in activity is potentially a signal that pent-up demand is starting to wane and
that low housing supply is limiting prospective buyers’ options,” noted Joel
Kan, an MBA economist. “The average purchase application loan size increased to
a record high in our survey - more proof that tight inventory conditions are
leading to faster price growth.”
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