The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. jumped by 2.8 per cent in the week ended November 29, following a 6.3
per cent surge the week before.
According to
the MBA’s data, last week’s advance in mortgage applications reflected
a 5.6 per cent climb in mortgage applications to purchase a home that was partly offset by a 0.6 per cent drop in
mortgage refinance applications.
The report also
revealed that the average fixed 30-year mortgage rate fell from 6.86 per cent to 6.69 per
cent, the lowest level since
the week ended October 18 (6.52 per cent).
Commenting on
the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist,
noted that recent strength in purchase activity continues, supported
by lower rates and higher inventory levels, which are giving prospective buyers
more options compared to earlier in the year. “Conventional refinance
applications declined despite the lower rates, but FHA and VA refinances
rebounded from a week ago,” he
added.