Economic Buzz: US mortgage applications down by 6.4%

Mortgage applications in the United States observed a weekly decrease of 6.4% in the week ending July 24, 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 6.76% from 6.69% a week prior.

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