Mortgage applications in the U.S. declined by 1.6% for the week ending March 28, extending a three-week losing streak, according to the Mortgage Bankers Association.
US mortgage applications decline for third week
This follows a 2.0% drop the previous week. Refinancing activity took a hit, falling 5.6% to a five-week low, while applications for home purchases continued their upward momentum, rising 1.5% for the sixth straight week to reach a nine-week high.
Meanwhile, the average rate on a 30-year fixed mortgage inched down to 6.70% from 6.71%, marking a slight reprieve for borrowers. Compared to a year ago, when rates stood at 6.91%, mortgage costs have eased slightly, though they remain elevated.
Purchase activity keeps on growing
“Home purchase activity has recorded year-over-year growth for more than two months, benefiting from an increase in the supply of existing homes. While near-term uncertainties persist, this trend is a welcome sign for the housing market,” said Joel Kan, vice president and deputy chief economist at the MBA.
