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- U.S. weekly mortgage applications plunge 6.9 percent
U.S. weekly mortgage applications plunge 6.9 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. tumbled 6.9 percent in the week ended June 25,
following a 2.1 percent gain in the previous week. This marked the first
decline in total mortgage application volume in three weeks and the largest fall since mid-February.
According
to the report, refinance applications plunged 8.2 percent, while applications
to purchase a home decreased 4.8 percent.
Meanwhile,
the average fixed 30-year mortgage rate rose from 3.18 percent to 3.20 percent,
the highest in two months.
“Mortgage
rates were volatile last week, as investors tried to gauge upcoming moves by
the Federal Reserve amidst several divergent signals, including rising
inflation, mixed job market data, strong consumer spending, and a
supply-constrained housing market that has led to rapid home-price growth,” noted
Michael Fratantoni, chief economist at the Mortgage Bankers Association.
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