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US mortgage applications fall as key interest rates rise above 5%

U.S. mortgage applications fell 1.7% on a seasonally adjusted basis in the week ended Oct. 5 as the interest rate for 30-year fixed mortgages climbed above 5% for the first time in seven years.

The unadjusted index fell by 2% from the previous week, the Mortgage Bankers Association said.

Purchase applications decreased by 1% from the prior week on a seasonally adjusted basis. The unadjusted purchase index declined by 1% from the previous week but was up 2% from the same week a year ago.

The unadjusted refinance index was down 3% from a week ago. The refinance share of mortgage activity decreased to 39.0% of total applications from 39.4% in the previous week.