US Mortgage Applications Rise Slightly

In the week ending October 17, mortgage applications in the United States experienced a modest increase of 0.1%, as reported by the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey on Wednesday.

Interest Rates Decline

The survey highlighted a decline in the average contract interest rate for 30-year fixed-rate mortgages, dropping to 7.02% from 7.09%.

Index Movements

The seasonally adjusted Purchase Index saw an uptick to 163.0 from 162.0 the previous week, while the Mortgage Market Index rose slightly to 224.6 from 224.4. Conversely, the Refinance Index decreased to 558.8 from 575.6.