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Mortgage Applications (Oct. 2023)

After their weakest month in 28 years, there were signs that mortgage applications for home purchase bottomed out at the end of October. Mortgage applications for home purchase dropped 9.1% m/m across October as a whole, leaving mortgage demand at its lowest level since January 1995. This came as little surprise given the sharp rise in mortgage rates from 7.4% in September to 7.8%. Meanwhile, refinancing activity fell 9.2% m/m as extremely high mortgage rates continued to discourage current homeowners from moving.

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