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- U.S. weekly mortgage applications climb 16.7 percent
U.S. weekly mortgage applications climb 16.7 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. surged 16.7 percent in the week ended January 8, following a 1.7
percent advance in the previous week. This was the largest gain since a record
55.4 percent jump registered during the first week of March.
According to
the report, applications to purchase a home increased 8.0 percent, while
refinance applications climbed 20.1 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.86 percent to 2.88 percent.
“Booming
refinance activity in the first full week of 2021 caused mortgage applications
to surge to their highest level since March 2020, despite most mortgage rates
in the survey rising last week,” noted Joel Kan, MBA’s associate vice president
of economic and industry forecasting. “The expectation of additional fiscal
stimulus from the incoming administration, and the rollout of vaccines
improving the outlook, drove Treasury yields and rates higher.”
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