Requests for housing refinancing in the United States are close to the lowest level in 18 years: mortgage credit group

(Reuters) – US borrowers last week filed the smallest number of housing refinancing applications in nearly 18 years, as mortgage rates fell alongside US bond yields, the Mortgage Bankers Association reported on Wednesday. .

The Washington-based industry group said its seasonally adjusted seasonally adjusted refinancing index fell 5.0% to 783.7 in the week ending November 16th. This reading was the lowest since December 2000.

In addition, MBA's seasonally adjusted MBA loan application was 227.7, up 3.1%, its largest weekly gain since last week. July the 5th. It fell to its lowest level since February 2017 the previous week.

Overall mortgage lending activity edged down 0.1% from the previous week, reaching 316.4, the lowest level since December 2014, the total MBA index.

The latest figures have not been adjusted for the US Veterans Day last week, said MBA.

The mixed results came as most borrowing costs fell with lower Treasury yields as investors opted for bonds due to stock market volatility.

Concerns about slowing global growth swept through Wall Street this week.

"Treasury yields fell last week as stock markets continued to fluctuate sharply amid investors' worries about global economic growth," said Joel Kan, associate vice president of economic and industrial forecasts for the MBA. in a statement.

Mortgage interest rates on 30-year bonds with an average balance of less than $ 453,100 declined slightly from 5.17% to 5.16%, the highest level since April 2010 .

The other mortgage rates recorded by the MBA were unchanged, down 10 basis points last week.

Last week, the benchmark 10-year Treasury yields, US10YT = the rate of return rate, declined by more than 11 basis points. On Wednesday, they were up 1.5 basis points to 3.063% after hitting a seven-week low of 3.036% on Tuesday.

GRAPHIC: US ​​Mortgages – tmsnrt.rs/2PeEslD