Economic Buzz:: US mortgage applications down 4.1%

Mortgage applications in the United States declined 4.1% in the week ending September 11, 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 6.97% from the previous week's 6.85%. Applications for home purchase mortgages went down 1% in the reported week and were 19% lower on an annual basis. At the same time, the refinance index decreased by 9% and was 65% lower than the same seven-day period last year.

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