US mortgage applications drop 7.7% - Breaking The News
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US mortgage applications drop 7.7%

Economy
Christian Baha / NP

1 min read

EPA-EFE/JIM LO SCALZO

Mortgage applications in the United States fell 7.7% on an adjusted basis in the week ending February 10 compared to the previous week, the Mortgage Bankers Association (MBA) stated in its report released on Wednesday.

The Refinance Index slid 13% compared to the previous week and lost 76% in contrast with the same week in 2022. The Purchase Index observed a weekly decline of 6% and an annual decline of 43%.

"Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist, thus requiring the Federal Reserve to keep monetary policy restrictive for a longer time," MBA Vice President and Deputy Chief Economist Joel Kan stated.

datamortgage applications
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