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- U.S. weekly mortgage applications decline 4.8 percent
U.S. weekly mortgage applications decline 4.8 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 4.8 percent in the week ended September 25, following a 6.8
percent surge in the previous week. This was the biggest drop since the week ended August 21.
According to
the report, refinance applications plunged 6.5 percent, while applications to
purchase a home decreased 1.9 percent.
Meanwhile, the
average fixed 30-year mortgage rate dropped to 3.05 percent from 3.10 percent.
“There are
indications that refinance rates are not decreasing to the same extent as rates
for home purchase loans, and that could explain last week’s decline in
refinances,” noted Joel Kan, an MBA economist. “Many lenders are still
operating at full capacity and working through operational challenges,
ultimately limiting the number of applications they are able to accept.”
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