General World News

Mortgage applications rebound as mortgage rates hit survey low

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% during the week ending Dec. 11 amid mortgage rates that hit a new survey low.

In its latest weekly survey the MBA said the 30-year fixed mortgage rate dropped five points to 2.85% – due, partly, to uncertainty over the prospects of additional pandemic-related government stimulus, as well as concerns about the continued rise in COVID-19 cases across the country, according to Joel Kan, MBA associate vice president of economic and industry forecasting.

“Homeowners once again acted on the decline in rates, with refinance activity rising for the second details ⇒

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