US mortgage applications surge 7.4 percent as rate drops for 5th straight week
(MENAFN) US mortgage reports indicated a weekly rise of 7.4 percent, whereas the 30-year fixed rate dropped for the fifth week in a row, in line with a report issued on Wednesday by the Mortgage Bankers Association (MBA).
The Market Composite Index, an indication of mortgage loan application capacity, jumped 7.4 percent on a seasonally arranged basis for the week closing Feb. 3 in comparison with the prior week. On an unadjusted basis, the index rose 8 percent in contrast with the prior week.
The 30-year fixed mortgage rate dropped to 6.18 percent – its fifth weekly in a row decrease.
"Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of lower rates," MBA Vice Leader and Deputy Chief Economist Joel Kan mentioned in a report.
"Purchase activity that was put on hold last year due to the quick runup in rates is gradually coming back as rates ease and housing demand remains strong, driven by supportive demographics and the ongoing strength in the job market," he also added.
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