The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. rebounded 2.0 percent in the week ended December
3, following a 7.2 percent plunge a week earlier. This marked the largest gain
in total mortgage application volume in four weeks.
According
to the MBA’s data, refinance applications soared 9 percent in the reviewed
period, while applications to purchase a home tumbled 5 percent.
Meanwhile,
the average fixed 30-year mortgage rate slipped from 3.31 percent to 3.30
percent, recording the first decrease in four
weeks.
Commenting
on the last applications survey, Joel Kan, MBA Associate Vice President of
Economic and Industry Forecasting, said that despite the last week's slowdown
in the purchase market, activity remains close to the highest level since March
2021, and this, in his view, is a positive sign as the year comes to an end.
Kan also reminded that the purchase activity continues to be limited by a
lack of inventory, combined with quick rates of home-price appreciation and
mortgage rates higher than a year ago.