Ekonomické zprávy

U.S. weekly mortgage applications climb 6.3 percent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. jumped 6.3 percent in the week ended May 5, following a 1.2 percent fall the week before. This was the largest weekly gain in mortgage applications since the week ended March 10 (+6.5 percent).

According to the MBA’s data, last week’s advance in mortgage applications reflected a 10.0 percent surge in mortgage refinance applications and a 4.8 percent increase in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate slipped from 6.50 percent to 6.48 percent. its lowest level in three weeks.

Commenting on the latest survey results, Joel Kan, MBA's vice president and deputy chief economist, noted that mortgage applications responded positively to a decrease in rates last week, as the Federal Reserve signaled a potential pause at the current level for the federal funds rate in anticipation of inflation slowing and tightening financial conditions that will slow economic and job growth. He added, however, that limited for-sale inventory continued to be a challenge for many homebuyers.

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