US mortgage applications jump by 16.8% - Breaking The News

US mortgage applications jump by 16.8%

14 August

1 min read

EPA-EFE/ALLISON DINNER

Mortgage applications in the United States soared by 16.8% in the week ending August 9, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday showed. The figure represents a significant change to the rise of 6.9% registered in the previous seven days.

The Market Index increased from 215.1 seen the week before to 251.3. The Purchase Index went from 133.9 to 137.7. The Refinance Index jumped from 661.4 to 889.3. On the other hand, the average contract interest rate for 30-year fixed-rate mortgages declined slightly from 6.55% to 6.54%.

"The refinance index also saw its strongest week since May 2022, driven by gains in conventional, FHA [Federal Housing Administration], and VA [Department of Veterans Affairs] applications," MBA Deputy Chief Economist Joel Kan commented.

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