Economic Buzz: US mortgage applications down 5.3%

Mortgage applications in the United States tumbled 5.3% on a seasonally adjusted basis in the week ending October 16, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.

Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) declined slightly to 7.41% from last week's 7.5%.

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