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- U.S. weekly mortgage applications surge 3.9 percent
U.S. weekly mortgage applications surge 3.9 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. surged 3.9 percent in the week ended November 20, following a 0.3
percent decrease in the previous week.
According to
the report, refinance applications climbed 4.5 percent, while applications to purchase
a home rose 3.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate fell from 2.99 percent to a survey low of 2.92
percent.
“Weekly
mortgage rate volatility has emerged again, as markets respond to fiscal policy
uncertainty and a resurgence in Covid-19 cases around the country,” noted Joel
Kan, MBA’s associate vice president of industry and economic forecasting.
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