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U.S. MBA mortgage applications decline 1.3% last week

Wednesday, Nov 11 2015
The number of mortgage application in the U.S. fell for the third straight week last week, as higher interest rates dampened demand, industry data showed on Wednesday. In a report, the Mortgage Bankers Association said their mortgage market index, a measure of mortgage loan application volume, declined by a seasonally adjusted 1.3% in the week ending November 6 to 408.7. That follows a drop of 0.8% to 414.2 in the preceding week.
 
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances inched up to a 13-week high of 4.12% from 4.01% in the previous week. "Mortgage rates were up for the third-consecutive week as markets responded to a stronger-than-expected job market report for October," said Mike Fratantoni, chief economist for the MBA. The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.
 
Euro is currently being traded few points below 1.0720 level, Sterling is around 1.5180 handle, while Aussie is above 0.7050 area.
More in this category: « Euro stable above 1.07 handle Aussie higher after job data beat market forecasts »

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