12/26/2019, 1:00 PM (Source: TeleTrader)
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MBA: Mortgage applications down 5.3%

Mortgage applications in the United States fell 5.3% in the week ending December 20 from the week prior, the Mortgage Bankers Association reported on Thursday. The volume was 65% higher compared to the same week last year.

Applications to buy a home and refinance home loans both dropped 5% for the week. The average 30-year mortgage contract interest rate increased to 3.99% from 3.98% last week.

"We are in the slowest time of the year for the purchase market. Purchase application activity declined after the seasonal adjustment, but still remains about 5 percent ahead of last year’s pace. The increase in construction activity will bolster housing inventories, which should be a positive for purchase volumes going into 2020," MBA's chief economist Mike Fratantoni said. "Refinance applications for government loans did increase, even though rates on FHA loans picked up. The change in the mix of business has kept the average refinance loan size smaller than we had seen earlier this year," he added.

Breaking the News / MD