The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. decreased 0.2 per
cent in the week ended July 5, following a 2.6 per cent fall the week before.
According to
the MBA’s data, last week’s slip in mortgage applications reflected a 2.2 per cent decline in mortgage
refinance applications that was partly offset by a 1.0 per cent climb in mortgage
applications to purchase a home.
The report also
showed that the average fixed 30-year mortgage rate dropped
from 7.03 per cent to 7.00 per cent.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, said the recent uptick in mortgage rates had slowed demand. “Purchase
activity picked up slightly, driven primarily by increases in FHA and VA
applications,” he noted. “Refinance applications decreased for the fourth
consecutive week, in line with higher rates.”