U.S. weekly mortgage applications surge 5.1 percent

The Mortgage Bankers Association (MBA) reported on Wednesday the mortgage application volume in the U.S. rose 5.1 percent in the week ended July 10, following a 2.2 percent advance in the previous week.

According to the report, refinance applications climbed 11.9 percent, while applications to purchase a home dropped 6.1 percent.

Meanwhile, the average fixed 30-year mortgage rate fell from 3.26 percent to record low 3.19 percent.

“Purchase activity remains relatively strong, despite the continued economic uncertainty and high unemployment caused by the ongoing pandemic,” noted Joel Kan, MBA’s associate vice president of economic and industry forecasting.