The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. dropped by 1.3 per
cent in the week ended September 27, following an 11.00 per cent surge the week before. This
was the first decline in total mortgage application volume in six weeks.
According to
the MBA’s data, last week’s fall in mortgage applications reflected a 2.9 per cent decrease in mortgage refinance applications that
was partly offset by a 0.7 per cent gain in mortgage applications to purchase a
home.
The report also revealed that the average fixed
30-year mortgage rate increased from 6.13 per cent to 6.14 per cent, recording its first advance in nine weeks.