finance
MBA Mortgage Applications Decline 4.4% as 30-Year Rate Rises 8 Basis Points
Mortgage applications declined for the second straight week as the average 30-year rate rose to 6.45%. The drop came after a 1.6% decline the previous week, according to data reported by @LiveSquawk.
May 6, 7:02 AM·1m read1 source
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U.S. 4% in the week ending May 1. 6% drop recorded in the prior week. 45% in the week of May 1. 37% in the week prior to May 1.
The latest MBA data capture a period when borrowing costs moved higher. Applications for mortgages of all types retreated as the average rate on the 30-year loan increased by eight basis points. 6% in the prior week.
Both the volume decline and the rate increase were reported by @LiveSquawk. Mortgage rates have now climbed for two consecutive weeks. 37% average posted the week before.
The MBA survey covers applications for home purchases and refinancings. No breakdown between purchase and refinance activity was provided in the May 1 data.
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