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- U.S. weekly mortgage applications decrease 2.2 percent
U.S. weekly mortgage applications decrease 2.2 percent
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. dropped 2.2 percent in the week ended March 26, following a 2.5
percent decline in the previous week.
According
to the report, refinance applications fell 2.5 percent, while applications to
purchase a home declined 1.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate edged down from 3.36 percent to 3.33
percent, breaking
a seven-week rising streak.
“Higher mortgage
rates continue to shut down refinance activity, as the pool of borrowers who
can benefit from a refinance further shrinks,” noted Joel Kan, an MBA
economist.
“Many
prospective homebuyers this spring are feeling the effects of higher rates and
rapidly accelerating home prices,” Kan added. “Record-low inventory is pushing
home-price growth at double the rate from a year ago, and even above the 10%
growth rates seen in 2005. The housing market is in desperate need of more
inventory to cool price growth and preserve affordability.”
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