Economic Buzz: US mortgage applications down 1.5%

Mortgage applications in the United States went down 1.5% in the week ending September 18, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday showed.

The average contract interest rate for 30-year fixed-rate mortgages climbed 7.12% from 6.97% recorded in the week before. Applications for home purchase mortgages retreated 1% in the reported week, and were 11% lower on a yearly basis. In addition, the refinance index decreased 3% and was 62% lower than during the same period a year ago.

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