Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve’s (Fed) meeting to announce the new target for the federal funds rate. 

According to the latest survey from the Mortgage Bankers Association (MBA), the mortgage composite index for the week ending Oct. 28 fell 0.5% from the prior week and 68% compared to the same period in 2021. 

Surprisingly, the refinance index increased by 0.15% from the week prior, but was 85.4% lower than the same week one year ago. Meanwhile, the seasonally adjusted purchase index declined 0.8% from one week details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com