Investing.com - The number of mortgage applications in the U.S. fell for the first time in four weeks, as interest rates pushed higher, industry data showed on Wednesday.
In a report, the Mortgage Bankers Association said their mortgage market index, a measure of mortgage loan application volume, dropped by a seasonally adjusted 7.3% in the week ending September 16 to 530.8. That follows a gain of 4.2% to 572.9 in the preceding week.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.7% from 3.67% in the preceding week.
"Mortgage rates increased to their highest level since June last week as comments by some Fed officials made it appear that the Federal Reserve is closer to raising rates," said Michael Fratantoni, chief economist for the MBA.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.