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- U.S. weekly mortgage applications tumble
U.S. weekly mortgage applications tumble
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. tumbled 9.2 percent in the week ended November 29, following a 1.5
percent climb in the previous week.
According to
the report, refinance applications slumped 15.6 percent, while applications to
purchase a home rose 0.9 percent
Meanwhile, the
average fixed 30-year mortgage rate was unchanged at 3.97 percent.
“U.S. Treasury
rates stayed flat last week, as uncertainty surrounding the U.K. elections
offset positive domestic news on consumer spending,” said Joel Kan, MBA’s
Associate Vice President of Economic and Industry Forecasting. “The purchase
market overall looks healthy as we enter the home stretch of 2019,” added Kan.
“The seasonally adjusted purchase index was at its highest level since July, as
a combination of wage gains, slower home-price appreciation, and slightly
easing inventory conditions [for new construction] continue to support
increased activity.”
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