General World News

Mortgage applications slump after rates surge to 23-year high

Mortgage applications ground to a halt for the week ending Sept. 29, falling 6% from the week prior as mortgage rates jumped to a 23-year high of 7.53%, according to new weekly data from the Mortgage Bankers Association.

Mortgage application activity is now at its lowest level since 1996, the MBA reported.

Purchase mortgage application volume, in particular, slowed considerably for the week ending Sept. 29, down 22% from a year ago, according to unadjusted data. Meanwhile, refinance applications slumped 7% from the previous week and were 11% lower details ⇒

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