The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. surged 16.8 per cent
in the week ended August 9, following a 6.9-per cent climb the week before. This marked the strongest weekly advance
in total mortgage application volume since the week that ended January 13, 2023 (+27.9 per cent).
According to
the MBA’s data, last week’s jump in mortgage applications was primarily driven by a 34.5 per cent soar in mortgage refinance applications. In addition, mortgage applications to purchase a
home increased 2.8 per cent.
The report also
revealed that the average fixed 30-year mortgage rate slipped from 6.55 per cent to 6.54
per cent, the lowest level since the week ended May 5, 2023 (6.48 per cent).
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that the refinance index saw its strongest week since May
2022, supported by gains in conventional, Federal Housing Administration (FHA)
and Department of Veterans Affairs (VA) applications.