US mortgage applications slump as interest rates climb

(Sharecast News) - US mortgage applications fell sharply in the week ended 25 September as rising borrowing costs continued to weigh on demand, according to the Mortgage Bankers Association. Applications declined 6%, marking a fourth straight weekly drop, as the average rate on 30‑year fixed conforming mortgages climbed to 7.30% from 7.12% - its highest level since November 2023.

Applications to refinance a mortgage, which are typically more sensitive to week-to-week interest rate changes, fell 13%, while applications to purchase a home slipped 4% as buyers faced the dual pressure of elevated mortgage rates and ongoing annual home‑price gains.







Reporting by Iain Gilbert at Sharecast.com