The Mortgage Bankers Association (MBA) reported on Wednesday the
mortgage application volume in the U.S. tumbled 13.1 percent in the week ended February
18, following a 5.4 percent decline the week before. This marked the sharpest weekly drop in total mortgage application
volume since the week ended April 3 (-17.9 percent).
According to the MBA’s data, last week’s plunge reflected a 15.6 percent
fall in mortgage refinance applications and a 10.1 percent decline in mortgage applications
to purchase a home.
Meanwhile, the average fixed 30-year mortgage
rate edged
up from 4.05 percent to 4.06 percent, its highest level since the week ended July
26, 2019 (4.08 percent).