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10/27, 1:08 PM (Source: TeleTrader)
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US mortgage applications increase by 0.3% - MBA

The seasonally adjusted total mortgage application volume increased 0.3% over the last week in the United States, according to the data published by the Mortgage Bankers Association (MBA) on Wednesday. Compared to the previous week, the purchase application volume rose 4%.

Additionally, home loan refinancing applications decreased 2% compared to the previous week, with the index now 26% lower compared to its value at the same time last year.

"Mortgage rates increased again last week, as the 30-year fixed rate reached 3.30% and the 15-year fixed rate rose to 2.59% – the highest for both in eight months," MBA’s associate vice president of economic and industry forecasting, Joel Kan, said explaining the reasons behind the borrowers’ reduced incentive to refinance.

Breaking the News / TT