The
Mortgage Bankers Association (MBA) said on Wednesday its
seasonally adjusted market index rose 5.7% in the week ended
July 23 from a week earlier. That reflected a 9.3% increase in
applications to refinance existing loans, while purchase
applications declined 1.6%.
The average contract interest rate for traditional 30-year
mortgages decreased to 3.01% from 3.11% the prior week, its
lowest level since February.
"The purchase index decreased for the second week in a row to
its lowest level since May 2020, and has now declined on an
annual basis for the past three months," Joel Kan, MBA's
associate vice president of economic and industry forecasting,
said in a statement. "Potential buyers continue to be put off by
extremely high home prices and increased competition."
(Reporting by Evan Sully; Editing by Anil D'Silva)
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