Economic Buzz: US mortgage applications rise 6.2%

Mortgage applications in the United States increased by 6.2% in the week ending November 6 compared to the previous week, according to the latest Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday.

The average contract interest rate for 30-year fixed-rate mortgages stood at 7.21%, marking a 0.09-percentage-point decrease from the previous reading of 7.30%. The purchase index rose from 131.4 to 141.2, and the refinance index was up from 517.5 to 540.7.

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