The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. jumped 1.8 percent in the week ended November 19,
following a 2.8 percent drop a week earlier.
According
to the MBA’s data, applications to purchase a home surged 4.7 percent in the
reviewed period, while refinance applications rose 0.4 percent.
Meanwhile,
the average fixed 30-year mortgage rate increased from 3.20 percent to 3.24
percent, its highest level since the end of October.
Commenting
on the last applications survey, Joel Kan, MBA
Associate Vice President of Economic and Industry Forecasting, noted that “borrowers
continue to lock in mortgages in anticipation of higher rates in the future”.