US MBA mortgage applications w.e. 28 October -0.5% vs -1.7% prior | Forexlive

• Prior -1.7%
• Market index 200.1 vs 201.1 prior
• Purchase index 160.5 vs 160.4 prior
• Refinance index 386.7 vs 394.7 prior
• 30-year mortgage rate 7.06% vs 7.16% prior

Another week, another slump in mortgage activity as high rates continue to weigh heavily on housing market conditions. The index is already at its weakest since 1997 and the Fed could inflict further pain on the market should it stick to its hawkish resolve today.