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- U.S. weekly mortgage applications decline 3.1 percent
U.S. weekly mortgage applications decline 3.1 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. fell 3.1 percent in the week ended June 4,
following a 4.0 percent drop in the previous week. This marked the third
consecutive weekly decline in total mortgage application volume.
According
to the report, refinance applications decreased 5.1 percent, while applications
to purchase a home rose 0.3 percent.
Meanwhile,
the average fixed 30-year mortgage rate dropped from 3.17 percent to 3.15
percent, the lowest in three weeks.
“With
fewer homeowners able to take advantage of lower rates, the refinance share
dipped to the lowest level since April,” noted Joel Kan, MBA’s associate vice
president of economic and industry forecasting.
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