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18.09.2024

U.S. weekly mortgage applications climb 14.2 per cent

The Mortgage Bankers Association (MBA) announced on Wednesday that the mortgage application volume in the U.S. climbed by 14.2 per cent in the week ended September 13, following a 1.4 per cent rise the week before. This marked the fourth straight weekly increase in total mortgage application volume, the pace of which was also the strongest since the week that ended August 9 (+16.8 per cent). 

According to the MBA’s data, last week’s jump in mortgage applications reflected a 24.5 per cent surge in mortgage refinance applications and a 5.4 per cent soar in mortgage applications to purchase a home.

The report also revealed that the average fixed 30-year mortgage rate decreased from 6.29 per cent to 6.15 per cent, the lowest level since the week ended September 9, 2022 (6.01 per cent). Overall, this represented the seventh straight weekly drop in mortgage interest rates. 

Commenting on the latest survey results, Joel Kan, MBA’s vice president and deputy chief economist, noted that application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower. He also highlighted that conventional purchase applications increased to a pace ahead of last year, which drove overall purchase applications very close to year-ago levels. “Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth,” he added.

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