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- U.S. weekly mortgage applications drop 0.9 percent
U.S. weekly mortgage applications drop 0.9 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. declined 0.9 percent in the week ended April 30,
following a 2.5 percent fall in the previous week.
According
to the report, applications to purchase a home decreased 2.5 percent, while refinance
applications increased 0.1 percent.
Meanwhile, the average fixed 30-year mortgage rate edged up from 3.17 percent to 3.18 percent.
“Both
conventional and government purchase applications declined, but average loan
sizes increased for each loan type,” noted Joel Kan, an MBA economist. “This is
a sign that the competitive purchase market, driven by low housing inventory
and high demand, is pushing prices higher and weighing down on activity.”
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