Mortgage applications in the United States fell by 6.2% in the week ending March 14, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday. The average contract interest rate for 30-year fixed-rate mortgages rose from 6.67% the previous week to 6.72%.
"Purchase application volume inched up to its highest level in six weeks, led by a 3 percent increase in FHA purchase applications. Growing inventories of homes on the market and steadier mortgage rates are supporting homebuying activity thus far this spring," MBA Chief Economist Mike Fratantoni said.
