WASHINGTON–Mortgage applications were down 6% for the week ended Oct. 7, compared to the previous week, the Mortgage Bankers Association reported.
The decreased number of apps came at the same time the average contract interest rate for 30-year fixed-rate mortgages increased to 3.68% from 3.62%.
"As incoming economic data reassured investors regarding U.S. growth, and financial markets returned to viewing a December Fed hike as increasingly likely, mortgage rates rose to their highest level in a month last week," said Michael Fratantoni, chief economist at the MBA, in a released statement. "Total and refinance application volume dropped to their lowest levels since June as a result.”