US MBA mortgage applications w.e. 11 October -17.0% vs -5.1% prior

• Prior -5.1%
• Market index 230.2 vs 277.5 prior
• Purchase index 138.4 vs 149.2 prior
• Refinance index 734.6 vs 997.3 prior
• 30-year mortgage rate 6.52% vs 6.36% prior

Amid a jump in rates, mortgage applications dropped hard in the past week with both purchase and refinancing activity slumping hard. The latter in particular fell by 26% to its softest number since the first week of August. A sign of a false dawn for the US housing market in after the brief recovery in recent weeks?

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