General World News

Mortgage applications fall as rates begin to rise

Mortgage application volume declined by 1.1% for the week ending Sept. 24, after a rebound in the previous week, according to the Mortgage Bankers Association (MBA).

Pushing the decline was the purchase index, which dipped by 1.2% from the previous week. Meanwhile, the refi activity decreased by 0.9% from the prior week, the trade group said.

On an unadjusted basis, MBA’s index decreased by 1.3% compared to the previous week, showed the survey published today. The purchase index shrank 1.9%, and the refi index contracted 0.9%.

Joel Kan, MBA’s associate vice details ⇒

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