US mortgage applications down by 1.3% - Breaking The News

US mortgage applications down by 1.3%

27 September

1 min read

EPA/LARRY W. SMITH

Mortgage applications in the United States saw a weekly decrease of 1.3% in the seven-day period ending September 22, the Mortgage Bankers Association (MBA) revealed in its report published on Wednesday.

The average interest rate for 30-year mortgages went from the previous week's 7.31% to 7.41%, its highest level since December 2000. The Purchase Index stood at 144.8, dropping from the past seven-day timespan's 147.0. Meanwhile, the Mortgage Refinance Index fell from 415.4 to 411.7.

"Based on the FOMC’s most recent projections, rates are expected to be higher for longer, which drove the increase in Treasury yields," Joel Kan of the MBA stated. "Overall applications declined, as both prospective homebuyers and homeowners continue to feel the impact of these elevated rates," he added.

housing market data mortgage applications

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