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- U.S. weekly mortgage applications drop 0.5 percent
U.S. weekly mortgage applications drop 0.5 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 0.5 percent in the week ended November 6, following a 3.8
percent climb in the previous week.
According to
the report, applications to purchase a home decreased 2.6 percent, while refinance
applications rose 0.6 percent.
Meanwhile, the
average fixed 30-year mortgage rate declined to a survey low of 3.01 percent
from 3.01 percent.
“The purchase
market continued its recent slump, with the index decreasing for the sixth time
in seven weeks to its lowest level since May 2020,” noted Joel Kan, an MBA
economist. “Inadequate housing supply is putting upward pressure on home prices
and is impacting affordability - especially for first-time buyers and
lower-income buyers.”
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