Mortgage applications in the US decreased 6.7% for week ending Oct 18, marking third consecutive decline.

Mortgage applications in the U.S. fell by 6.7% for the week ending October 18, marking the third straight week of decline. The Market Composite Index dropped to 214.8, with purchase applications down 5% and refinancing applications down 8%. The average 30-year mortgage rate held steady at 6.52%. Despite these declines, some buyers remain active due to lower rates compared to last year and increased home inventory.