The Mortgage Bankers Association (MBA) reported on Wednesday the
mortgage application volume in the U.S. climbed 2.3 percent in the week ended January
14, following a 1.4 percent advance the week before.
According to the MBA’s data, last week’s gain reflected a 7.7 percent surge
in applications to purchase a home, which was partially offset by a 3.1 percent
decline in refinance applications.
Meanwhile, the average fixed 30-year mortgage rate rose from 3.52
percent to 3.64 percent, its highest level since the week ended March 21, 2020
(3.82 percent).
Commenting on the latest survey results, Joel Kan, MBA Associate Vice
President of Economic and Industry Forecasting, noted that a slowdown in the refinance
activity, which was driven by declines in FHA and VA refinance, was due to growing
mortgage rates.