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- U.S. weekly mortgage applications drop 1.7 percent
U.S. weekly mortgage applications drop 1.7 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. fell 1.7 percent in the week ended July 30,
following a 5.7 percent surge in the previous week.
According
to the report, refinance applications dropped 1.7 percent, while applications
to purchase a home also declined 1.7 percent.
Meanwhile,
the average fixed 30-year mortgage rate decreased from 3.01 percent to 2.97
percent, the lowest level since the first week of February 2021.
“Interest
rates drifted lower globally last week, as markets assessed the latest concerns
regarding the delta variant,” noted MBA Senior Vice President and
Chief Economist Mike Fratantoni. “30-year mortgage rates dropped below 3
percent in our survey for the first time since this February, presenting an
opportunity for many homeowners who have not yet refinanced to lower their rate
and their payments”.
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