Mortgage applications jumped 1.2 percent from a week ago, according to data from the Mortgage Bankers Association.
The group said falling mortgage rates are behind the uptick — and falling mortgage rates are due to a broader slowdown in wages and economic growth.
"Purchase applications continued to be hampered by broader weakness in the housing market and declined slightly over the week, with the index slipping to its lowest level since 2014,” said Joel Kan, vice president and deputy chief economist at MBA.
The average contract interest rate for 30-year fixed-rate mortgages fell 16 basis points from 6.58 percent to 6.42 percent.
There was also a notable bump in refinancing applications. Their share of mortgage activity increased to 30.7 percent from 30.3 percent a week ago, also on the back of falling mortgage interest rates.
This is still down 80 percent from a year ago, when rock-bottom rates led to a spree of refinancing activity.
As commercial options tighten, more travelers are turning to private aviation. Wheels Up CEO George Mattson breaks down capacity and demand challenges.
Layoffs, hiring slowdowns, and shifting skill demands dominate this year’s job talk. LinkedIn’s Kory Kantenga explains what workers should watch for next.
Retailers face tariffs and cost challenges this holiday season. Wells Fargo's Lauren Murphy shares insights on pricing, promotions, and shopping trends.
Dateability, founded by sisters Jacqueline and Alexa Child, is the only dating app for disabled and chronically ill communities, fostering love without limits.
Andy Baehr, Head of Product at CoinDesk Indices, breaks down crypto’s Black Friday crash, Bitcoin dipping under $100K, and what’s driving the market rout.
