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- U.S. weekly mortgage applications jump 4.9 percent
U.S. weekly mortgage applications jump 4.9 percent
The
Mortgage Bankers Association (MBA) reported on Wednesday the mortgage
application volume in the U.S. surged 4.9 percent in the week ended September 17,
following a 0.3 percent gain in the previous week.
According
to the report, applications to purchase a home rose 2.2 percent, while refinance
applications climbed 6.5 percent.
Meanwhile, the average fixed 30-year mortgage rate remained unchanged at 3.03.
“There
was a resurgence in mortgage applications the week after Labor Day, with
activity overall at its highest level in over a month, and purchase
applications jumping to a high last seen in April 2021,” noted Joel Kan, MBA
Associate Vice President of Economic and Industry Forecasting. “Housing demand
is strong heading into the fall, despite fast-rising home prices and low
inventory. The inventory situation is improving, with more new homes under
construction and more homeowners listing their home for sale. Despite this
week’s increase, purchase applications were still 13 percent lower than the
same week a year ago.”
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