The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. declined 1.0 per
cent in the week ending March 28, following a 2.0 per cent drop in the week before. Overall,
this was the third straight weekly fall in total mortgage application volume.
According to
the MBA’s data, last week’s slip in mortgage applications reflected
a 5.6 per cent plunge in mortgage refinance applications that was partly offset by a 1.5 per cent gain in
mortgage applications to purchase a home.
The report also
revealed that the average fixed 30-year mortgage edged down from 6.71 per
cent to 6.70 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 general purchase activity has shown year-over-year growth
for more than two months as the inventory of existing homes for sale continues
to increase, a positive development for the housing market despite the
uncertain near-term outlook.