• Prior +0.6%
• Market index 166.9 vs 179.3 prior
• Purchase index 129.8 vs 137.5 prior
• Refinance index 347.6 vs 385.8 prior
• 30-year mortgage rate 7.70% vs 7.67% prior

That’s a sharp drop in mortgage applications in the past week as the average rate of the most popular US home loan moves higher once again. Both purchases and refinancing activities declined sharply, exemplifying the ongoing subdued mood in the mortgage market.

This article was written by Justin Low at www.forexlive.com.