The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. plummeted by 6.7 per cent in the week ended October 18, following a 17.0
per cent tumble the week before. Overall, this was the fourth straight weekly decline in total mortgage
application volume.
According to
the MBA’s data, last week’s drop in mortgage applications reflected
an 8.4 per cent decrease in mortgage refinance applications and a 5.1 per cent fall in
mortgage applications to purchase a home.
The report also
revealed that the average fixed 30-year mortgage rate remained unchanged at
6.52 per cent.
Commenting on
the latest survey results, Mike Fratantoni, MBA’s SVP and chief economist, Joel
Kan, MBA’s vice president and deputy chief economist, noted that for-sale
inventory had started to loosen, and home-price growth had eased in some
markets, providing more options for buyers in combination with these lower
rates.