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- U.S. weekly mortgage applications drop 0.6 percent
U.S. weekly mortgage applications drop 0.6 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. decreased 0.6 percent in the week ended November 27, following a 3.9
percent climb in the previous week.
According to
the report, refinance applications declined 4.6 percent, while applications to
purchase a home surged 9.0 percent.
Meanwhile, the
average fixed 30-year mortgage rate remained unchanged at 2.92 percent, a
survey low.
“Purchase
activity continued to show impressive year-over-year gains, with both the
conventional and government segments of the market posting another week of
growth,” said Joel Kan, MBA’s associate vice president of economic and industry
forecasting. “Housing demand remains strong, and despite extremely tight
inventory and rising prices, home sales are running at their strongest pace in
over a decade.”
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