US MBA mortgage applications w.e. 20 October -1.0% vs -6.9% prior

<ul><li>Prior -6.9%</li><li>Market index 165.2 vs 166.9 prior</li><li>Purchase index 127.0 vs 129.8 prior</li><li>Refinance index 354.0 vs 347.6 prior</li><li>30-year mortgage rate 7.90% vs 7.70% prior</li></ul><p>Yikes, the average rate of the most popular US home loan is now up to near 8% – the highest since September 2000 – and that is continuing to put a drag on mortgage activity. This time, purchase activity is the one slumping and is offset slightly be refinancing activity on the week.</p>

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