The Mortgage Bankers
Association (MBA) reported on Wednesday
that the mortgage application volume in the U.S. fell 0.6 per cent in the week
ended March 29, following a 0.7 per cent decrease the week before. This was the third straight weekly drop in total mortgage application volume.
According to
the MBA’s data, last week’s fall in mortgage applications was mainly due to a 1.6
per cent decline in mortgage refinance applications. In addition, mortgage
applications to purchase a home edged down 0.1 per cent.
The report also
revealed that the average fixed 30-year mortgage rate slipped
from 6.93 per cent to 6.91 per cent, the lowest level in three weeks.
Commenting on
the latest survey results, Joel Kan, MBA’s vice
president and deputy chief economist, noted that last week’s marginal drop in mortgage
rates did little to ignite overall mortgage application activity. “Elevated
mortgage rates continued to weigh down on home buying,” he added.