Total mortgage application volume in the US dropped 0.9 percent in the week ended August 16th, after a 21.7 percent jump in the previous period, data from the Mortgage Bankers Association showed. Refinances rose just 0.4 percent as the average contract interest rate for 30-year fixed-rate mortgages was little changed at 3.90 percent. Meanwhile, mortgage applications to purchase a home were down 4 percent. Year-on-year, total mortgage applications increased 70 percent, driven by a 180 percent climb in refinances and a 5 percent rise in mortgage purchase. Mortgage Applications in the United States averaged 0.50 percent from 2007 until 2019, reaching an all time high of 49.10 percent in January of 2015 and a record low of -38.80 percent in January of 2009.
Mortgage Applications in the United States is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Mortgage Applications in the United States to stand at 1.50 in 12 months time. In the long-term, the United States MBA Mortgage Applications is projected to trend around 0.90 percent in 2020, according to our econometric models.