The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. rose by 1.4 per cent
in the week ended September 6, following a 1.6 per cent increase the week before. Overall, this was the third straight weekly gain in total
mortgage application volume.
According to
the MBA’s data, last week’s advance in mortgage applications reflected a 1.8 per cent surge in mortgage
applications to purchase a home and a 0.9 per cent increase in mortgage refinance applications.
The report also
showed that the average fixed 30-year mortgage rate fell from 6.43 per cent to 6.29
per cent, the lowest level since the week that ended February 3, 2023 (6.18 per cent). Overall, this marked
the sixth straight weekly decline in mortgage interest rates.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist,
that despite the drop in rates, affordability challenges and other factors such
as limited inventory might still be hindering purchase decisions.