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- U.S. weekly mortgage applications jump 4.6 percent
U.S. weekly mortgage applications jump 4.6 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. rose 4.6 percent in the week ended October 2, following a 4.8
percent decline in the previous week.
According to
the report, refinance applications surged 8.2 percent, while applications to
purchase a home decreased 1.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate dropped from 3.05 percent to record-low 3.01
percent.
“There are
signs that demand is waning at the entry-level portion of the market because of
supply and affordability hurdles, as well as the adverse economic impact the
pandemic is having on hourly workers and low- and moderate-income households,” noted
Joel Kan, an MBA economist. “As a result, the lower price tiers are seeing
slower growth, which is contributing to the rising trend in average loan
balances.”
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