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- U.S. weekly mortgage applications drop 1.9 percent
U.S. weekly mortgage applications drop 1.9 percent
U.S. weekly
mortgage applications drop 1.9 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 1.9 percent in the week ended January 15, following a 16.7
percent surged in the previous week.
According to
the report, refinance applications declined 4.7 percent, while applications to
purchase a home increased 2.7 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.88 percent to 2.92 percent.
“Market
expectations of a larger than anticipated fiscal relief package, which is
expected to further boost economic growth and lower unemployment, have driven
Treasury yields higher the last two weeks,” noted Joel Kan, MBA’s associate
vice president of economic and industry forecasting. “After a post-holiday
surge of refinances, higher rates chipped away at refinance demand.”
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