The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. jumped 11.2 per
cent in the week ended March 4, following a 20.4 per cent surge in the week before.
According to
the MBA’s data, last week’s climb in mortgage applications reflected
a 16.2 per cent soar in mortgage refinance applications and a 7.0 per cent advance in mortgage
applications to purchase a home.
The report also
revealed that the average fixed 30-year mortgage rate fell from 6.73 per cent to 6.67
per cent, the lowest level since October 2024. Overall,
this was the sixth straight weekly decline in mortgage interest rates.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that activity was up across all loan categories as the spring
homebuying season gets underway. “Government purchase applications experienced
an 11% increase - helped by the FHA rate dropping to 6.34%,” he added. “Additionally,
average loan sizes were higher, with the purchase loan amount hitting $460,800,
the highest in the survey dating back to 1990.”