Financial News: U.S. Mortgage Applications Inch Up 0.1% In Week

U.S. Mortgage Applications Inch Up 0.1% In Week Ended 4/5

04/10/2024 - 09:22:00 (RTTNews)

(RTTNews) - The Mortgage Bankers Association released a report on Wednesday showing a slight increase in U.S. mortgage applications in the week ended April 5th.

The report said the Market Composite Index, a measure of mortgage loan application volume, inched up by 0.1 percent last week after falling by 0.6 percent in the previous week.

The uptick came as the Refinance Index spiked from 10 percent from the previous week, offsetting a 5 percent plunge by the Purchase Index.

"Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts," said Joel Kan, MBA's Vice President and Deputy Chief Economist. "Inflation remains stubbornly above the Fed's target, and the broader economy continues to show resiliency."

He added, "Purchase applications were down almost five percent to the lowest level since the end of February, but refinance applications were up 10 percent, driven particularly by VA refinance applications."

The report also said the refinance share of mortgage activity increased to 33.3 percent of total applications from 30.3 percent the previous week, while the adjustable-rate mortgage share of activity decreased to 6.9 percent of total applications.

Meanwhile, the FHA share of total applications rose to 12.1 percent from 11.7 percent the week prior and the VA share of total applications climbed to 14.0 percent from 12.1 percent the week prior.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Japan Has Y3.398 Trillion Current Account Surplus (16 min(s), 49 sec(s) ago)
(RTTNews) - Japan posted a current account surplus of 3.398 trillion yen in March, the Ministry of ...Full Story»

Japan Household Spending Slips 1.2% On Year In March (11 min(s), 49 sec(s) ago)
(RTTNews) - The average of household spending in Japan was down 1.2 percent on year in March, the ...Full Story»

New Zealand Manufacturing Index Improves In April - BusinessNZ (27 min(s), 49 sec(s) ago)
(RTTNews) - The manufacturing sector in New Zealand continued to contract in April, albeit at a sl ...Full Story»

Japan Data Due On Friday (50 min(s), 49 sec(s) ago)
(RTTNews) - Japan is scheduled to release a batch of data on Friday, highlighting a busy day for A ...Full Story»

Thirty-Year Bond Auction Attracts Average Demand (18 min(s), 49 sec(s) ago)
(RTTNews) - The Treasury Department announced the results of this month's auction of $25 billi ...Full Story»

U.S. Weekly Jobless Claims Climb To Highest Level Since August (30 min(s), 49 sec(s) ago)
(RTTNews) - First-time claims for U.S. unemployment benefits rose by much more than expected in th ...Full Story»

Bank Of England Moves Closer To Rate Cut (13 min(s), 49 sec(s) ago)
(RTTNews) - The Bank of England left its key policy rate unchanged for the sixth consecutive meeti ...Full Story»

Mexican Inflation Rises To 4.65% (52 min(s), 49 sec(s) ago)
(RTTNews) - Mexico's consumer price inflation accelerated somewhat in April to the highest lev ...Full Story»