The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. advanced 1.1 per
cent in the week ending May 92, following an 11.0 per cent climb in the week before.
According to
the MBA’s data, last week’s gain in mortgage applications reflected
a 2.3 per cent increase in mortgage applications to purchase a home that was partly offset by a 0.4 per cent drop in mortgage
refinance applications.
The report also
unveiled that the average fixed 30-year mortgage rose from 6.84 per cent to 6.86
per cent.
Commenting on
the latest survey results, Mike Fratantoni,
MBA’s SVP and chief economist, noted that the news for the week
was the growth in purchase applications. “Despite the economic uncertainty, the
increase in home inventory means there are additional properties to buy, unlike
the last two years, and this supply is supporting more transactions,” he added.