US mortgage applications up by 5.4% - Breaking The News

US mortgage applications up by 5.4%

11 December

1 min read

EPA-EFE/JIM LO SCALZO

Mortgage applications in the United States rose by 5.4% in the week ending December 6, the Mortgage Bankers Association (MBA) revealed in its Weekly Mortgage Applications Survey released on Wednesday.

According to the report, the average contract interest rate for 30-year fixed-rate mortgages dropped to 6.67% from 6.69%. The Market Index increased to 225.5 from 213.9 in the previous week, while the Purchase Index was down from 161.5 to 154.9. The Refinance Index advanced to 634 from 498.5 in the prior week.

"Applications increased 5%, driven by a 27% surge in refinance activity, as borrowers with higher rates acted on the chance to lower their payments. VA [Department of Veterans Affairs] refinance applications were up 85% from the previous week, matching some of the larger swings in VA activity reported in recent months," MBA Deputy Chief Economist Joel Kan stated.

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