11/29/2023, 1:00 PM (Source: TeleTrader)
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US mortgage applications up 0.3%

Mortgage applications in the United States increased by 0.3% on a seasonally adjusted basis in the week ending November 24, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday.

According to the report, the average 30-year mortgage rate dropped to 7.37%. The Refinance Index decreased 9% compared to the previous week, while the seasonally adjusted Purchase Index increased 5% on a weekly basis.

"Rates have declined more than 50 basis points over the past six weeks, which has helped to spur a small increase in purchase applications," MBA Deputy Chief Economist Joel Kan said. "The purchase market remains depressed because of the ongoing, low supply of existing homes on the market," he added.

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