
Mortgage applications rise
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Mortgage applications increase
The volume of U.S. mortgage applications rose 3.1% from the prior week for the week ended Aug. 1, aided by recent easing in loan interest rates, according to the Mortgage Bankers Association’s latest tracking.
“Mortgage rates moved lower last week, following declining Treasury yields as economic data releases signaled a weakening U.S. economy,” Joel Kan, the trade group’s deputy chief economist, said in a statement Wednesday. “As a result, the 30-year fixed rate decreased for the third straight week to 6.77%.”
The banker group said purchase applications rose 2% and refinance applications increased 5% from the previous week, as both categories rose 18% from a year earlier. Kan said refinance activity hit its strongest pace in four weeks after being in a downward trend in the prior three weeks.
“Purchase activity continued to lead 2024’s pace, as increasing for-sale inventory of homes has been supporting homebuying, but on the other hand recent weakness in the economic environment has deterred some prospective homebuyers,” Kan said.
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