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- U.S. weekly mortgage applications decline 1.2 percent
U.S. weekly mortgage applications decline 1.2 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. decreased 1.2 percent in the week ended December 4, following a 0.6
percent drop in the previous week.
According to
the report, applications to purchase a home plunged 5.0 percent, while refinance
applications rose 2.0 percent.
Meanwhile, the
average fixed 30-year mortgage rate dropped from 2.92 percent to a survey low
of 2.90 percent.
“The increase
in refinance applications was driven by FHA and VA refinances, while
conventional activity fell slightly,” noted Joel Kan, an MBA economist. “The
purchase market is also poised to finish 2020 on a strong note. Applications
fell slightly last week but were around 3% higher than the two weeks leading up
to Thanksgiving. Reversing the recent trend, there was also a shift in the
composition of applications, with an increase in government loans pushing the
average loan balance lower,” Kan added.
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