The Mortgage Bankers Association (MBA) reported on Wednesday that the
mortgage application volume in the U.S. tumbled 7.7 percent in the week ended February
10, following a 7.4 percent surge the week before.
According to the MBA’s data, last week’s plunge in mortgage applications reflected a 12.5 percent jump in mortgage
refinance applications and a 5.5 decline in mortgage applications to purchase a
The report also revealed that the average fixed 30-year mortgage rate jumped from 6.18
percent to 6.39 percent, its highest level in five weeks.
Commenting on the latest survey results, Joel Kan, MBA's vice president
and deputy chief economist, noted that mortgage applications fell for the
second time in three weeks as mortgage rates increased across the board last
week amid raised expectations that inflation will persist, requiring the
Federal Reserve to keep its policy restrictive for a longer time.