Mortgage application volume dropped 6.9% for the week ending Oct. 1, as higher rates reduced borrowers’ waning appetites for refis even further, according to the Mortgage Bankers Association (MBA). On an unadjusted basis, the index fell 7% in the period.
Pushing the decline was the refinance index, which dipped by 10% from the previous week to its lowest level in three months. Meanwhile, the purchase activity decreased by 2% from the prior week, the trade group said.
The MBA’s overall mortgage application index decreased by 15% details ⇒
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