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Economic news
11.09.2024

U.S. weekly mortgage applications rise 1.4 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. rose by 1.4 per cent in the week ended September 6, following a 1.6 per cent increase the week before. Overall, this was the third straight weekly gain in total mortgage application volume.

According to the MBA’s data, last week’s advance in mortgage applications reflected a 1.8 per cent surge in mortgage applications to purchase a home and a 0.9 per cent increase in mortgage refinance applications.

The report also showed that the average fixed 30-year mortgage rate fell from 6.43 per cent to 6.29 per cent, the lowest level since the week that ended February 3, 2023 (6.18 per cent). Overall, this marked the sixth straight weekly decline in mortgage interest rates.

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, that despite the drop in rates, affordability challenges and other factors such as limited inventory might still be hindering purchase decisions.

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