The Day at a Glance | September 20 2023

*The number of mortgage loan applications in the United States rebounded in the week ending on September 15th, despite the return to 23-year highs in the 30-year mortgage interest rate.

*Ukrainian President Volodymyr Zelensky called for a united global front against Russian aggression during his participation in the United Nations General Assembly. He also requested former US President Donald Trump to share his peace plan.

*King of the United Kingdom, Charles III, arrived in France on Wednesday for a three-day state visit, which had been postponed by French President Emmanuel Macron due to the violent conflicts in the country. 

*Today at 12:00 pm (Mexico City time), the Federal Reserve will announce its monetary policy decision. No changes to the federal funds rate are expected. 

Economic environment

After two consecutive weeks of contractions, mortgage loan applications in the United States rebounded with a 5.4% increase as of September 15^th. This is the highest reading recorded since mid-June, as indicated by data from the Mortgage Bankers Association. Additionally, applications to refinance home loans increased by 13.2%. In this regard, the average interest rate for mortgages under $726,200 increased by 4 basis points last week and reached 7.31%, a level not seen since December 2000.