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- U.S. weekly mortgage applications drop 3.7 percent
U.S. weekly mortgage applications drop 3.7 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. fell 3.7 percent in the week ended April 9, following
a 5.1 percent tumble in the previous week. This marked the sixth consecutive
decline.
According
to the report, refinance applications plunged 5.0 percent, while applications
to purchase a home declined 1.4 percent.
Meanwhile,
the average fixed 30-year mortgage rate decreased from 3.36 percent to 3.27 percent,
the lowest level in five weeks.
“Purchase
and refinance applications declined, with most of the pullback coming earlier
in the week when rates were higher, noted Joel Kan, MBA’s associate vice
president of economic and industry forecasting. “Refinance activity has now
decreased for nine of the past 10 weeks, as rates have gone from 2.92% to 3.27%
over the same period.”
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