Ekonomické zprávy

U.S. weekly mortgage applications decrease 0.7 per cent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. slipped 0.7 per cent in the week ended March 22, following a 1.6 per cent drop the week before. According to the MBA’s data, last week’s decline in mortgage applications reflected a 1.6 per cent fall in mortgage refinance applications and a 0.2 per cent decrease in mortgage applications to purchase a home.

The report also showed that the average fixed 30-year mortgage rate fell from 6.97 per cent to 6.93 per cent. 

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, noted that mortgage application activity was muted last week as a slight decrease in mortgage rates was not enough to stimulate borrower demand. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market,” he added. “Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6% by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances.”

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