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Mortgage applications tick down amid elevated mortgage rates: MBA

Mortgage applications fell for the third week in a row as mortgage rates surged toward 8%.

For the week ending Oct. 27, total home loan applications fell 2.1% compared to the week prior, according to weekly mortgage application data from the Mortgage Bankers Association (MBA).

“The impact of higher rates continued to be felt across both purchase and refinance markets,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.

He noted that purchase applications decreased 2% from the week prior and 22% from details ⇒

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