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Economic news
05.06.2024

U.S. weekly mortgage applications drop 5.2 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. dropped 5.2 per cent in the week ended May 31, following a 5.7 per cent tumble the week before.

According to the MBA’s data, last week’s decline in mortgage applications reflected a 6.8 per cent plunge in mortgage refinance applications and a 4.4 per cent fall in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate rose from 7.05 per cent to 7.07 per cent, the highest level in three weeks.

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