U.S. mortgage applications rise 2.8 percent in July 22 week

Nathan Andrada – Fourth Estate Cooperative Contributor

Washington, DC, United States (4E) – The average number of U.S. mortgage applications jumped 2.8 percent from the previous week for the week ended July 22, according to the survey results by Mortgage Bankers Association (MBA) released Wednesday.

The MBA’s purchase index climbed at an adjusted 1 percent pace from the previous week and was down 11 percent from the year-ago period.

The share of refinance in mortgage activity inched up to 56 percent of total applications, up from the prior week’s 55 percent. The share of adjustable-rate mortgage in activity stayed firm at 8 percent of total applications.

Toward the end of last week, mortgage rates declined as geopolitical factors boosted the bond market. Mortgage rates loosely follow the 10-year Treasury yield, which dropped. As a result mortgage rates has climbed slightly.

For the week, the average rate on 30-year, fixed-rate mortgages with conforming loans (with balances of $417,000 or less) declined slightly to 4.28 percent.

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