Mortgage applications in the United States decreased by 1.3% in the week ending September 27, the latest Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey revealed on Wednesday.
The average contract interest rate for 30-year fixed-rate mortgages increased by 0.61 percentage points from the previous week to stand at 6.14%. The purchase index advanced from 148.2 to 149.3, and the refinance index was down to 1,099.5.
"Last week's incoming data showed an economy that is still growing at a solid pace, even as inflation continues to decline. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA’s SVP and chief economist in a release."