U.S. weekly mortgage applications increase

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 1.5 percent in the week ended November 22, following a 2.2 percent drop in the previous week.

According to the report, refinance applications surged 4.2 percent, while applications to purchase a home declined 1.2 percent

Meanwhile, the average fixed 30-year mortgage rate fell to 3.97 percent from 3.99 percent.

“Mortgage rates stayed below 4% for the second straight week and borrowers responded positively,” noted Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Refinances have been strong this month, but we are starting to see the average pace slow compared to the peak experienced in August through October.”