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- U.S. weekly mortgage applications fall 3.3 percent
U.S. weekly mortgage applications fall 3.3 percent
U.S. weekly
mortgage applications fall 3.3 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 3.3 percent in the week ended August 14, following a 6.8
percent surge in the previous week.
According to
the report, refinance applications declined 5.3 percent, while. applications to
purchase a home rose 0.8 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 3.13 percent from a record low
of 3.06 percent.
“Positive
economic data reported last week on retail sales, as well as a large U.S.
Treasury auction, drove mortgage rates to their highest level in two weeks,” noted
Joel Kan, an MBA economist. “The housing market remains a bright spot in the
current economic recovery, and these results, combined with July data on
housing starts and homebuilder optimism, suggest that housing supply could be
increasing to better meet the strong demand for buying a home,” he added.
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