Economic Buzz: US mortgage applications down by 2.9%

Mortgage applications in the United States observed a weekly decrease of 2.9% 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 6.81% from 6.76% a week prior. The seasonally adjusted Purchase Index fell 4% compared to the week before and 3% lower than during the same week a year earlier, while the Refinance Index declined by 2% from the previous week and 9% on an annual basis.

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