Mortgage applications in the United States rose 10.4% on a seasonally adjusted basis compared to the week ending January 12, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.
The average contracted interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) fell from 6.81% to 6.75%.
"Mortgage rates declined across all loan types as Treasury yields moved lower last week on incoming inflation data, which helped to support a rise in mortgage applications," Joel Kan, MBA's Vice President and Deputy Chief Economist, said.
