Mumbai, Oct. 1 -- Mortgage applications in the United States slid by 6% in the week ending September 25, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey released on Wednesday showed. In the previous week, the figure declined by 1.5%.
The average contract interest rate for 30-year fixed-rate mortgages rose from 7.12% registered the week before to 7.30%, the highest level since November 2023. Applications to refinance a home loan decreased by 9% on a weekly basis and slumped by 56% on an annual one. Applications for a mortgage to purchase a home declined by 4% week-on-week and 14% year-on-year.
Published by HT Digital Content Services with permission from Capital Market....