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- U.S. weekly mortgage applications drop 1.3 percent
U.S. weekly mortgage applications drop 1.3 percent
U.S. weekly
mortgage applications drop 1.3 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 1.3 percent in the week ended March 5, following a 0.5 percent
increase in the previous week.
According to
the report, refinance applications declined 5.0 percent, while applications to
purchase a home went surged 7.2 percent.
Meanwhile, the
average fixed 30-year mortgage rate climbed from 3.23 percent to 3.26 percent,
the highest since the week ended July 3.
“Signs of
faster economic growth, an improving job market and increased vaccine
distribution are pushing rates higher,” noted Joel Kan, MBA’s associate vice
president of economic and industry forecasting. “The run-up in mortgage rates
continues to cool demand for refinance applications. Activity declined last
week for the fourth time in five weeks.”
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