Mortgage applications drop 5.1 percent as rates rise despite Fed cuts ...Middle East

Mortgage applications dipped earlier this month as rates have been on the up following off the heels of a strong September jobs report. Recent data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey showed mortgage applications saw a 5.1 percent drop in the first week of October. “In the wake of stronger economic data last week, including the September jobs report, mortgage rates moved higher, with the 30-year fixed rate rising to 6.36 percent – the highest since August,” said Mike Fratantoni, senior vice president and chief economist at MBA, said in a statement on Wednesday. “Conventional loan refinances, which tend to have larger balances than government loa

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