Economic Buzz: US mortgage applications down by 6%

Mortgage applications in the United States slid by 6% in the week ending September 25, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday showed. In the previous week, the figure declined by 1.5%.

The average contract interest rate for 30-year fixed-rate mortgages rose from 7.12% registered the week before to 7.30%, the highest level since November 2023. Applications to refinance a home loan decreased by 9% on a weekly basis and slumped by 56% on an annual one. Applications for a mortgage to purchase a home declined by 4% week-on-week and 14% year-on-year.

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