The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. declined 3.9 per
cent in the week ended July 26, following a 2.2 per cent drop the week before. This marked the steepest weekly decrease
in total mortgage application volume since late May.
According to
the MBA’s data, last week’s fall in mortgage applications was primarily driven by a 7.2 per cent plunge in mortgage refinance applications. In addition, mortgage applications to purchase a
home decreased 1.5 per cent.
The report also revealed that the average fixed
30-year mortgage rate was unchanged at 6.82 per cent.