FX.co ★ US Mortgage Applications Fall for 2nd Week

In the week ending March 21, mortgage applications in the United States saw a 2% decline, following a 6.2% decrease in the preceding week, as reported by the Mortgage Bankers Association. Refinancing applications dropped by 5% compared to the prior week, marking the lowest level observed in a month. Conversely, mortgage applications for purchasing new homes experienced a modest increase of 1%. The average rate for a 30-year fixed mortgage edged down slightly to 6.71% from 6.72%. Joel Kan, an economist at the MBA, commented in a statement, "Markets remained focused on potential changes in trade policy, while the Federal Reserve maintained the federal funds rate at its current level." He further noted, "Last week's uptick in purchase activity was predominantly driven by a 6 percent rise in FHA applications, as the easing of housing inventory and gradual decline in mortgage rates have provided this segment of buyers with more opportunities."