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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