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- U.S. weekly mortgage applications decline 4.1 percent
U.S. weekly mortgage applications decline 4.1 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. declined 4.1 percent in the week ended January 22, following a 1.9
percent decrease in the previous week.
According to
the report, refinance applications fell 5.0 percent, while applications to
purchase a home dropped 4.0 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.92 percent to 2.95 percent, the
highest since the week ended November 15.
“Since hitting
a recent low in April 2020, the average purchase loan amount has steadily risen
— in line with the accelerating home-price appreciation occurring in most of
the country because of strong demand and extremely low inventory levels,” noted
Joel Kan, an MBA economist. “In a sign that borrowers are increasingly more
sensitive to higher rates, large declines in government purchase applications
and refinance applications pulled overall activity lower,” Kan added. “The
refinance index has now declined for two-straight weeks.”
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