Mortgage applications among home buyers in the US have increased on the back of record low mortgage rates. However, there was a 1.2 percent slowdown last week in overall mortgage activity, according to the Mortgage Bankers Association (MBA).
The rise in mortgage activity for home purchases, however, is a healthy sign for the residential market, as consumers make every effort to take advantage of the second lowest mortgage rates in US history.
The average rate on a 30-year fixed rate loan remained flat at 4.23 percent for a week, an MBA survey revealed.
This was almost a steep quarter-point higher than the Freddie Mac average survey found offered to consumers last week (four percent).
“Purchase activity remains almost five percent below last year’s level,” said Michael Fratantoni, Vice-President of Research and Economics at the MBA.
“Overall, refinance activity dropped for the week, but there was an increase in refinance applications for government loan programmes.”
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