Economic Buzz: US mortgage applications down by 2.7%

Mortgage applications in the United States slipped 2.7% in the week ending October 9, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey report revealed on Wednesday.

The Association reported that the 30-year fixed mortgage rate surged to 7.50%, climbing 53 basis points over the past four weeks and 108 basis points on an annual basis. Compared to the previous week, the reading was mostly unchanged. Meanwhile, the 15-year fixed rate rose to 6.87%, and jumbo mortgage rates reached 7.49%.

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