The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. dropped 2.2 per
cent in the week ended July 19, following a 3.9 per cent surge the week before
According to
the MBA’s data, last week’s decrease in mortgage applications was due to a 4.0 per cent decline in mortgage
applications to purchase a home. Meanwhile, mortgage refinance applications increased
0.3 per cent.
The report also
revealed that the average fixed 30-year mortgage rate slipped
from 6.87 per cent to 6.82 per cent, the lowest level
since the week ended February 2 (6.80 per cent).
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist,
noted that purchase applications fell as ongoing affordability challenges
persist with rates at their current levels and with home-price appreciation
still strong in many markets.