Ekonomické zprávy
28.08.2024

U.S. weekly mortgage applications advance 0.5 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. advanced 0.5 per cent in the week ended August 23, following a 10.1 per cent tumble the week before. 

According to the MBA’s data, last week’s gain in mortgage applications reflected a 0.9 per cent rise in mortgage applications to purchase a home that was partly offset by a 0.1 per cent slip in mortgage refinance applications.

The report also revealed that the average fixed 30-year mortgage rate fell from 6.50 per cent to 6.44 per cent, the lowest level since the week that ended April 14, 2023 (6.43 per cent). Overall, this was the fourth straight weekly decline in mortgage interest rates

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, said that mortgage applications were slightly higher, driven by marginally stronger purchase activity, while refinance applications were essentially unchanged. “As observed in recent weeks, despite lower rates, purchase applications have not moved much,” he added, noting that prospective homebuyers are staying patient now that rates are moving lower and for-sale inventory has started to increase.

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