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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. plunged 6.9 percent in the week ended October 1,
following a 1.1 percent drop in the previous week. This marked the largest
decline in total mortgage application volume since the last week of June.
According
to the report, refinance applications tumbled 9.6 percent, while applications
to purchase a home fell 1.7 percent.
Meanwhile, the average fixed 30-year mortgage rate increased from 3.10 percent to 3.14 percent, the highest level since early July.
“Higher
rates are reducing borrowers’ incentive to refinance, as declines were seen
across all loan types,” noted Joel Kan, MBA Associate Vice President of
Economic and Industry Forecasting. “Purchase activity also fell, driven by a
drop in conventional loan applications. Government purchase applications were
up over 1 percent, but that was still not enough to bring down the average loan
balance of $410,000. With home-price appreciation and sales prices remaining
very elevated, applications for higher balance, conventional loans still
dominate the mix of activity.”
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