The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. rose by 0.5 per cent in the week ended November 8, following a 10.8
per cent plunge the week before. This marked the first weekly gain in mortgage applications in seven weeks.
According to
the MBA’s data, last week’s advance in mortgage applications reflected
a 1.9 per cent climb in mortgage applications to purchase a home that was partly offset by a 1.5 per cent decrease
in mortgage refinance applications.
The report also
revealed that the average fixed 30-year mortgage rate increased from 6.81 per cent to 6.86
per cent, the highest level since mid-July.
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief
economist, noted that mortgage rates continued to increase last week, driven by
higher Treasury yields as financial markets digested the likely impacts of a
Trump presidency. “The Federal Reserve’s 25-basis-point rate cut was already
anticipated and did little to move the markets,” he added.