Ekonomické zprávy

U.S. weekly mortgage applications climb 7.1 per cent

The Mortgage Bankers Association (MBA) announced Wednesday that the mortgage application volume in the U.S. climbed 7.1 per cent in the week ended March 8, following a 9.7 per cent surge the week before. 

According to the MBA’s data, last week’s jump in mortgage applications reflected a 12.2 per cent soar in mortgage refinance applications and a 4.7 per cent increase in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate fell from 7.02 per cent to 6.84 per cent, the lowest level in five weeks.

Commenting on the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, said that mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months. He, however, noted that, while the percentage increases in purchase application volume and refinance volume were large, the level of refinance activity remained quite low, with most of this activity likely reflecting borrowers who took out a loan at or near the peak of rates in the past two years.

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