The Mortgage Bankers Association (MBA) announced on Wednesday that the
mortgage application volume in the U.S. climbed 7.4 percent in the week ended February
3, following a 9.0 percent tumble the week before.
According to the MBA’s data, last week’s surge in mortgage applications reflected a 17.7 percent jump in mortgage
refinance applications and a 3.1 increase in mortgage applications to purchase
a home.
The report also revealed that the average fixed 30-year mortgage rate edged down from 6.19
percent to 6.18 percent, its lowest level since the week ended September 9,
2022 (6.01 percent).
Commenting on the latest survey results, Joel Kan, MBA's vice president
and deputy chief economist, noted that both purchase and refinance applications
rose last week and had recorded advances in three of the past four weeks
because of lower rates.