Ekonomické zprávy
03.11.2021

U.S. weekly mortgage applications decline 3.3 percent

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. decreased 3.3 percent in the week ended October 29, following a 0.3 percent advance in the previous week.

According to the report, applications to purchase a home dropped 1.6 percent, while refinance applications plunged 4.3 percent.

Meanwhile, the average fixed 30-year mortgage rate dropped from 3.30 percent to 3.24 percent, recording the first decrease since mid-August.

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower,” noted Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. “Most of the decline in rates came later in the week, which is likely why refinance applications declined to the lowest level since January 2020, and the overall share of activity fell to the lowest since July 2021. Government refinance applications fell for the sixth straight week, as it becomes evident that an increasing number of borrowers have already refinanced.”

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