US mortgage applications jump by 27.9% - Breaking The News
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US mortgage applications jump by 27.9%

Economy
Christian Baha / DJ

1 min read

EPA-EFE/TANNEN MAURY

Mortgage applications in the United States surged by 27.9% in the week ending January 13 compared to the previous week, according to a report by the Mortgage Bankers Association (MBA) on Wednesday.

The Refinance Index increased 34% on a weekly basis but was down 81% year-on-year. The Purchase Index was up by 25% from the previous week and dropped 35% annually.

"Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers," MBA's Chief Economist Mike Fratantoni said.

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