Economic Buzz: US mortgage applications down 2.7%

Mortgage applications in the United States declined 2.7% in the week ending September 4, 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 to 6.85%, improving slightly from the previous week's 6.79%. Applications for home purchase mortgages went down 0.2% in the reported week, though they were 4% higher on an annual basis. At the same time, the refinance index decreased by 6% and was 25% lower than the same seven-day period last year.

Powered by Commodity Insights