US mortgage applications fall by 2.9%
UNSPLASH/DILLON KYDD
Mortgage applications in the United States dropped by 2.9% in the week ending September 1 compared to the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey on Wednesday. The average interest rate for 30-year mortgages fell to 7.21% from 7.31% previously. The Purchase Index was down to 141.9 from 144.9 the previous week, while the Mortgage Refinance Index decreased to 388.1 from 407.1.
"Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates," MBA Deputy Chief Economist Joel Kan said. "Prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates."