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    Home ยป Alarming Decline in Mortgage Applications-MBA
    Forex News Updated:June 27, 2022

    Alarming Decline in Mortgage Applications-MBA

    June 9, 20211 Min Read
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    Mortgage
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    The recent MBA weekly survey revealed a 3.1% decline in mortgage applications from the week earlier.

    • The drop in mortgage rates also consisted of a 3.15% decline in the 30-year fixed-rate mortgage applications. The situation will affect the refinance applications that dropped by 5% for conventional and government loans.
    • The average loan amount on purchase application dropped to $407,000, lower than the record loan size of February at $418,000.
    • The proportion of FHA on the total applications reduced to 9.5% from 9.6% from the previous week.

    The average contract interest level for 15-year fixed-rate mortgages reduced to 2.52% from 2.56% within the one week period.

    Source: Mortgage Bankers Association (MBA).

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