US MBA mortgage applications w.e. 21 October -1.7% vs -4.5% prior

• Prior -4.5%
• Market index 201.1 vs 204.6 prior
• Purchase index 160.4 vs 164.2 prior
• Refinance index 394.6 vs 394.6 prior
• 30-year mortgage rate 7.16% vs 6.94% prior

Yikes. The average interest rate of the most popular home loan in the US just rose another 22 bps in the past week to its highest since 2001. This sees another drop in mortgage activity, which is now grinding at its slowest pace since 1997. The latest drop this week in yields will be a welcome development at least but there is little comfort for the housing sector when you look at how things have been going over the past few months.

/US Dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term