Mumbai, Nov. 5 -- Mortgage applications in the United States declined 1.2% in the week ending October 30, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey report revealed on Wednesday.
The average contract interest rate for 30-year fixed-rate mortgages decreased from 7.37% to 7.3% in the reported week. Applications to refinance a home loan were virtually unchanged, increasing 0.1%, but falling 60% compared to the same week a year ago. Applications for a mortgage to purchase a home were 2% lower from the previous week and 19% lower year-over-year.
Published by HT Digital Content Services with permission from Capital Market....