• Main
  • Analytics
  • Market News
  • U.S. weekly mortgage applications soar 9.7 per cent
Economic news
06.03.2024

U.S. weekly mortgage applications soar 9.7 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. soared 9.7 per cent in the week ended March, following a 9.7 per cent decline the week before. This marked the first gain in total mortgage application volume in four weeks. 

According to the MBA’s data, last week’s rebound in mortgage applications reflected a 10.6 per cent jump in mortgage applications to purchase a home and an 8.1 per cent climb in mortgage refinance applications.

The report also revealed that the average fixed 30-year mortgage rate slipped from 7.04 per cent to 7.02 per cent, the lowest level in three weeks.

Commenting on the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, noted that mortgage applications were up considerably relative to the prior week, which included the President’s Day holiday. “Of note, purchase volume - particularly for FHA loans - was up strongly, again showing how sensitive the first-time homebuyer segment is to relatively small changes in the direction of rates,” he added. “Other sources of housing data are showing increases in new listings, which is a real positive for the spring buying season given the lack of for-sale inventory.”

See also