Economic Buzz: US mortgage applications down by 4.2%

Mortgage applications in the United States slid by 4.2% in the week ending October 2, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday showed. In the previous week, the figure declined by 6%.

The average contract interest rate for 30-year fixed-rate mortgages rose from 7.3% registered the week before to 7.49%. Applications to refinance a home loan decreased by 8% on a weekly basis to the lowest level since 2025 and slumped by 56% on an annual one. Applications for a mortgage to purchase a home declined by 2% week-on-week and 15% year-on-year.

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