Economic Buzz: US mortgage applications up 3.4%

Mortgage applications in the United States rose 3.4% on a seasonally adjusted basis in the week ending October 23, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.

The average contract interest rate for 30-year fixed-rate mortgages fell from 0.5% registered the week before to 7.37%. Applications to refinance a home loan increased by 3% on a weekly basis and plummeted by 61% on an annual one. Applications for a mortgage to purchase a home went up by 4% week-on-week and declined 18% year-on-year.

Powered by Commodity Insights