Ekonomické zprávy

U.S. weekly mortgage applications decline 4.1 percent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. fell 4.1 percent in the week ended March 31, following a 2.9 percent advance the week before. That marked the first drop in total mortgage application volume in five weeks.

According to the MBA’s data, last week’s decrease in mortgage applications reflected a 5.0 percent decline in mortgage refinance applications and a 4.0 drop in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate fell from 6.45 percent to 6.40 percent, its lowest level since the week ended February 10 (6.39 percent).

Commenting on the latest survey results, Mike Fratantoni, MBA Chief Economist, noted that purchase application volume decreased a bit even with another small fall in mortgage rates, and refinance application volume continued to be quite low. “Although the mortgage rate for conforming balance loans declined by five basis points over the week to 6.40 percent, the mortgage rate for jumbo loans increased by nine basis points to 6.36 percent,” he added. “While we have seen relative weakness at the high end of the housing market in recent months, the divergence in rates suggests that banks may be tightening credit in response to recent challenges, preserving balance sheet capacity as deposit balances have declined.”

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