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- U.S. weekly mortgage applications tumble 11.4 percent
U.S. weekly mortgage applications tumble 11.4 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. plunged 11.4 percent in the week ended February 19, following a 5.1
percent decrease in the previous week. This marked the largest weekly decline
since April 5 of 2020.
According to
the report, refinance applications dropped 1.3 percent, while applications to
purchase a home fell 11.6 percent.
Meanwhile, the
average fixed 30-year mortgage rate rose from 2.98 percent to 3.08 percent, the
highest since the week ended September 20.
“Mortgage rates
have increased in six of the last eight weeks, with the benchmark 30-year fixed
rate last week climbing above 3% to its highest level since September 2020,” noted
Joel Kan, an MBA economist. “As a result of these higher rates, overall
refinance activity fell to its lowest level since December 2020.” Kan also
added that the severe winter weather across the South last week, and especially
the power outages across Texas definitely played a role. That state witnessed a more
than 40% drop in purchase and refinance applications last week, he said.
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