US mortgage applications increase 7.1%

13th Mar 2024 12:41

(Sharecast News) - US mortgage applications increased by 7.1% in the week ended 8 March, according to the Mortgage Bankers Association of America, cooling off slightly from the prior week's 9.7% rise.

Applications to buy a home advanced 4.7%, while those to refinance a home loan jumped 12.2%.

Elsewhere, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased 18 basis points to 6.84% - the lowest level seen in five weeks.

MBA chief economist Mike Fratantoni said: "Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months."

Reporting by Iain Gilbert at Sharecast.com