FxWirePro: Daily Commodity Tracker - 21st March, 2022 
According to data released by the Mortgage Bankers Association, United States MBA mortgage applications increased to 4.2 percent in the week ending September 9 from previous 0.9 percent. Purchase volume is still just 8 percent higher annualised for the week, down from double digit annual increases early this year.
Homebuyers jumped back into the market after Labor Day, filing applications for mortgages at a far faster pace than in previous weeks. August is not usually a strong month for home-buying and the jump last week may signal a stronger fall market ahead.
"The purchase market remains supported by an improving U.S. labor market. Newly released data from the U.S. Census this week indicate that the median income increased by 5.2 percent last year, the highest rate of increase since 2007. Other recent but less comprehensive measures show wage growth continuing to strengthen in 2016," said Lynn Fisher, MBA's vice president of research and economics.
A small drop in mortgage interest rates at the beginning of last week could be the reason behind the 2 percent weekly gain in applications to refinance. Refinance volume has been strong all summer, up nearly 43 percent last week from a year ago, but is set to decline. Rates moved higher at the end of last week and continued to do so this week. Mortgage rates loosely follow the yield on the U.S. 10-year Treasury.
