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U.S. weekly mortgage applications rise
The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. surged 5.3 percent in the week ended August 2, following a 1.4
percent drop in the previous week.
According to
the report, refinance applications climbed 12 percent, while applications to
purchase a home fell 2 percent.
Meanwhile, the
average fixed 30-year mortgage rate decreased to 4.01 percent from 4.08
percent.
“The Federal
Reserve cut rates as expected last week, but the bigger influence on the
financial markets was the development that a trade war with China has started.
The result was a sharp drop in mortgage rates, which will likely draw many
refinance borrowers into the market in the coming weeks,” noted Mike
Fratantoni, MBA senior vice president and chief economist. “The 30-year fixed
rate mortgage fell to its lowest level since November 2016. We fully expect
that refinance volume will jump even higher this week given the further drop in
rates.”
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