MBA: Mortgage applications rise as the Fed’s rate cut drives demand

Mortgage applications rose 5.3% from last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 2, 2019. MBA Senior Vice President and Chief Economist Mike Fratantoni said the Federal Reserve’s decision to cut rates has led to a sharp drop in mortgage rates, which is now likely to propel demand from refinance borrowers.