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- U.S. weekly mortgage applications jump 2.1 percent
U.S. weekly mortgage applications jump 2.1 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. climbed 2.1 percent in the week ended May 7,
following a 0.9 percent drop in the previous week.
According
to the report, refinance applications surged 2.9 percent, while applications to
purchase a home increased 0.8 percent.
Meanwhile,
the average fixed 30-year mortgage rate declined from 3.18 percent to 3.11
percent, the lowest level since the end of February.
“The
decline in rates helped the refinance index reach its highest level in eight
weeks, driven by a 4 percent increase in conventional refinances,” noted Joel
Kan, MBA’s associate vice president of economic and industry forecasting.
“Additionally, refinance loan balances increased for the fourth straight week,
an indication that higher-balance borrowers acted to take quick advantage of
lower rates.”
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