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15.05.2024

U.S. weekly mortgage applications rise 0.5 per cent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. rose 0.5 per cent in the week ended May 10, following a 2.6 per cent advance the week before. 

According to the MBA’s data, last week’s increase in mortgage applications reflected a 4.7 per cent jump in mortgage refinance applications that was partly offset by a 1.7 per cent fall in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate declined from 7.18 per cent to 7.08 per cent, the lowest level since early April. This was the second straight weekly gain in mortgage interest rates.

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, noted that the U.S. Treasury yields continued to move lower last week and mortgage rates declined for the second week in a row, leading to a small boost to refinance applications. “While the downward move in rates benefits prospective homebuyers, mortgage rates are still much higher than they were a year ago, while for-sale inventory remains tight,” he added.

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