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- U.S. weekly mortgage applications increase 1.1 percent
U.S. weekly mortgage applications increase 1.1 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. increased 1.1 percent in the week ended December 11, following a 1.2
percent drop in the previous week.
According to
the report, applications to purchase a home rose 1.8 percent, while refinance
applications went up 1.4 percent.
Meanwhile, the average fixed 30-year mortgage rate dropped from 2.90 percent to another - the 15th this year - record low of 2.85 percent.
“U.S. Treasury
rates stayed low last week, in part due to uncertainty over the prospects of
additional pandemic-related government stimulus, as well as concerns about the
continued rise in Covid-19 cases across the country,” said Joel Kan, MBA’s
associate vice president of economic and industry forecasting. “Applications to
buy a home increased for the fourth time in five weeks, as both conventional
and government segments of the market saw gains,” Kan added. “Government
purchase applications rose for the sixth straight week to the highest level
since June - perhaps a sign that more first-time buyers are entering the
market.”
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