The Mortgage Bankers Association (MBA) reported on Wednesday that the
mortgage application volume in the U.S. climbed 6.5 percent in the week ended March
10, following a 7.4 percent jump the week before.
According to the MBA’s data, last week’s surge in mortgage applications was due to a 7.3 percent soar in mortgage
applications to purchase a home and a 4.8 rise in mortgage refinance
applications.
The report also revealed that the average fixed 30-year mortgage rate slipped from 6.79
percent to 6.71 percent, recording its first decrease in five weeks.
Commenting on the latest survey results, Joel Kan, MBA's vice president
and deputy chief economist, noted that last week’s decline in mortgage rates was
due to a drop in Treasury yields in response to investors' flight to safety amid concerns
over bank closures and the potential for broader ripple effects.