The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. surged 15.6 per
cent in the week ended June 7, following a 5.2 per cent plunge the week before. This marked the strongest weekly advance
in total mortgage application volume since mid-January 2023.
According to
the MBA’s data, last week’s soar in mortgage applications reflected a 28.4 per cent climb in mortgage
refinance applications and an 8.6 per cent jump in mortgage applications to
purchase a home.
The report also
revealed that the average fixed 30-year mortgage rate decreased
from 7.07 per cent to 7.02 per cent, the lowest level in three weeks.
Commenting on
the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, noted
that multiple data sources are now indicating that home inventory levels, while
still historically low, are up significantly from last year at this time. “This
is good news for many prospective homebuyers who have been frustrated by the
lack of homes on the market,” he added.