The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. decreased 2.3 per
cent in the week ended February 9, following a 3.7 per cent rise the week before.
According to
the MBA’s data, last week’s drop in mortgage applications reflected a 2.5 per cent decline in mortgage applications
to purchase a home and
a 2.1 per cent fall in mortgage refinance applications.
The report also
revealed that the average fixed 30-year mortgage rate increased
from 6.80 per cent to 6.87 per cent, the highest level since the week ended December 8, 2023 (7.07 per cent).
Commenting on
the latest survey results, Joel Kan, MBA's vice president and deputy chief
economist, noted that purchase applications remained subdued as elevated rates
continue to add to affordability challenges along with still-low existing
housing inventory.