Market news
28.07.2021, 11:10

U.S. weekly mortgage applications jump 5.7 percent

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. surged 5.7 percent in the week ended July 23, following a 4.0 percent plunge in the previous week. 

According to the report, refinance applications climbed 9.3 percent, while applications to purchase a home declined 1.6 percent.

Meanwhile, the average fixed 30-year mortgage rate decreased from 3.11 percent to 3.01 percent, the lowest level since February 2021.

“The 10-year Treasury yield fell last week, as investors grew concerned about increasing Covid-19 case counts and the downside risks to the current economic recovery, noted Joel Kan, MBA’s associate vice president of economist and industry forecasting.

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