Ekonomické zprávy

U.S. weekly mortgage applications tumble 13.3 percent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. plunged 13.3 percent in the week ended February 17, following a 7.7 percent tumble the week before. 

According to the MBA’s data, last week’s decline in mortgage applications was primarily driven by an 18.1 percent plummet in mortgage applications to purchase a home. In addition, mortgage refinance applications decreased by 2.2 percent.

The report also revealed that the average fixed 30-year mortgage rate surged from 6.39 percent to 6.62 percent, its highest level since the week ended November 18, 2022 (6.67 percent).

Commenting on the latest survey results, Joel Kan, MBA's vice president and deputy chief economist, noted that mortgage application activity was dampened by nearly a quarter percentage point climb in mortgage interest rates in response to market expectations that inflation will persist, requiring the Federal Reserve to maintain its policy restrictive for a longer time.

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