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- U.S. weekly mortgage applications climb 1.7 percent
U.S. weekly mortgage applications climb 1.7 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. rose 1.7 percent in the week ended October 23, following a 0.6
percent drop in the previous week.
According to
the report, refinance applications surged 2.5 percent, while applications to
purchase a home increased 0.2 percent.
Meanwhile, the
average fixed 30-year mortgage rate edged down to 3.00 percent from 3.02
percent.
“These results
highlight just how strong the upper end of the market is right now, with
outsized growth rates in the higher loan size categories,” noted Joel Kan,
MBA’s associate vice president of economic and industry forecasting.
“Furthermore, housing inventory shortages have pushed national home prices
considerably higher on an annual basis.”
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