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- U.S. weekly mortgage applications advance 1.6 percent
U.S. weekly mortgage applications advance 1.6 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. rose 1.6 percent in the week ended August 20,
following a 3.9 percent drop in the previous week.
According
to the report, refinance applications rose 0.9 percent, while applications to
purchase a home climbed 3.0 percent.
Meanwhile, the average fixed 30-year mortgage rate declined from 3.06 percent to 3.03 percent, recording its first decrease in three weeks.
“Treasury
yields fell last week, as investors continue to anxiously monitor if the rise
in COVID-19 cases in several states starts to dampen economic activity,” noted
Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. “Mortgage
rates slightly declined as a result, with the 30-year fixed rate decreasing for
the first time in three weeks. Lower rates led to an increase in refinance
applications, with government loan applications jumping 10 percent to the
highest level since May 2021.” Kan also added that purchase applications for
both conventional and government loans also rose.
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