The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. declined 4.0 percent in the week ended December 10,
following a 2.0 percent jump a week earlier.
According
to the MBA’s data, last week’s drop reflected a 6.4 percent plunge in refinance
applications, which was partially offset by a 0.7 percent gain in applications
to purchase a home.
Meanwhile,
the average fixed 30-year mortgage rate remained unchanged at 3.30 percent.
Commenting
on the last applications survey, Joel Kan, MBA Associate Vice President of
Economic and Industry Forecasting, said that a slight increase in purchase
activity was due to a 1.7 percent advance in conventional applications, while applications
for government loans reduced by 1.6 percent. Meanwhile, a drop in refinance
activity reflected a fewer number of homeowners with a firm incentive to
refinance their home loans at current rates.