General World News

Mortgage applications increase for second straight week

Borrowers looking to refinance their VA and FHA loans contributed to another uptick in mortgage applications for the week ending Dec. 18, according to the latest report from the Mortgage Bankers Association.

Mortgage applications jumped 0.8% a week after the 30-year fixed mortgage rate dropped five basis points to 2.85%, the trade group noted. The 30-year rate is up to 2.86% in the most recent MBA survey, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting

“Mortgage rates are closing the year at record lows,” Kan said. “The 30-year fixed rate – at 2.86% details ⇒

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