Economic Buzz: US mortgage applications up by 1.9%

Mortgage applications in the United States observed a weekly increase of 1.9% in the week ending July 17, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday showed.

The report showed that the average contract interest rate for 30-year fixed-rate mortgages increased to 6.69% from 6.65% a week prior. The seasonally adjusted Purchase Index rose 5.5% compared to the week before to 165.8, while the Refinance Index declined by 2.4% from the previous week to stand at 802.3.

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