The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. fell 2.6 per cent in
the week ending June 13, following a 12.5 per cent surge in the week before.
According to
the MBA’s data, last week’s drop in mortgage applications reflected
a 3.0 per cent decline in mortgage applications to purchase a home and a 2.1 per cent decrease in mortgage
refinance applications.
The report also
showed that the average fixed 30-year mortgage dropped from 6.93 per cent
to 6.84 per cent, the lowest level since early May.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that mortgage rates decreased last week, driven by financial
market volatility caused by current geopolitical conflict and ongoing tariff
uncertainties. “Even with lower average mortgage rates, applications declined
over the week as ongoing economic uncertainty weighed on potential homebuyers’
purchase decisions,” he added.