Ekonomické zprávy

U.S. weekly mortgage applications decline 5.6 per cent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. declined 5.6 per cent in the week ended February 23, following a 10.6 per cent plunge the week before. Overall, this was the third straight weekly decrease in total mortgage application volume.

According to the MBA’s data, last week’s drop in mortgage applications reflected a 7.3 per cent slump in mortgage refinance applications and a 4.5 per cent fall in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate slipped from 7.06 per cent to 7.04 per cent, recording its first decline in six weeks. Nonetheless, the rate remained about a quarter percentage point higher than at the beginning of the year.

Commenting on the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, noted higher rates in recent weeks had stalled activity, and last week it dropped more for those seeking Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) refinances.

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