Economic Buzz: US mortgage applications up 0.8%

Mortgage applications in the United States increased 0.8% in the week ending August 28, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday.

The average contract interest rate for 30-year fixed-rate mortgages increased 6.79%, improving slightly from the previous week's 6.78%. Applications for home purchase mortgages went up 2% in the reported week, though remained 0.2% lower on an annual basis. At the same time, the refinance index decreased by 1% and was 19% lower than the same seven-day period last year.

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