US mortgage applications rise by 7.1% - Breaking The News

US mortgage applications rise by 7.1%

13 March

1 min read

EPA/JUSTIN LANE

Mortgage applications in the United States grew by 7.1% in the week ending March 8, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey on Wednesday.

The average contract interest rate for 30-year fixed-rate mortgages stood at 6.84% compared to 7.02% last week. The Refinance Index increased to 480.3 from last week's 428.1, while the Purchase Index rose to 147.7 from 141.1. "Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months," MBA Chief Economist Mike Fratantoni said.

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