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Economic news
31.07.2024

U.S. weekly mortgage applications decline 3.9 per cent

The Mortgage Bankers Association (MBA) reported on Wednesday that the mortgage application volume in the U.S. declined 3.9 per cent in the week ended July 26, following a 2.2 per cent drop the week before. This marked the steepest weekly decrease in total mortgage application volume since late May. 

According to the MBA’s data, last week’s fall in mortgage applications was primarily driven by a 7.2 per cent plunge in mortgage refinance applications. In addition, mortgage applications to purchase a home decreased 1.5 per cent.

The report also revealed that the average fixed 30-year mortgage rate was unchanged at 6.82 per cent.

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