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- U.S. weekly mortgage applications decrease 5.1 percent
U.S. weekly mortgage applications decrease 5.1 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 5.1 percent in the week ended February 12, following a 4.1
percent drop in the previous week.
According to
the report, refinance applications declined 4.7 percent, while applications to
purchase a home fell dropped 6.1 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.96 percent to 2.98 percent, the
highest since the week ended November 13.
“Expectations
of faster economic growth and inflation continue to push Treasury yields and
mortgage rates higher. Since hitting a survey low in December, the 30-year
fixed rate has slowly risen, and last week climbed to its highest level since
November 2020,” noted Joel Kan, MBA’s Associate Vice President of Economic and
Industry Forecasting.
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