U.S. Mortgage Applications Fall 5.3% Despite Lower 30-Year Rate

U.S. mortgage demand weakened in the week ended Oct. 16 even as the average rate on a 30-year fixed loan fell for the first time in more than two months, adding to signs of pressure on the housing market. The seasonally adjusted index of total mortgage applications fell 5.3% from the previous week. The unadjusted index declined 5%. Both measures cover applications for home purchases and refinancing, so they track requests for financing rather than completed home sales. The average contract rate for a 30-year fixed mortgage on conforming loans eased to 7.41% from 7.50%.

Source: TokenPost