Mortgage Apps, Saudi oil output

Not good!

MBA Purchase Applications

Mortgage activity was steady in the September 26 week, unchanged for the purchase index and down 0.3 percent for the refinance index. The purchase index remains depressed compared to last year, down 11 percent. A move lower in rates during the week didn’t help activity. The average 30-year conforming mortgage ($417,000 or less) fell 6 basis points to 4.33 percent.

Still strong demand for Saudi crude as they set price and let quantity adjust.

The question is what price they set.

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