Potential homebuyers stayed on the sidelines for mortgages amid the Federal Reserve’s announcement of another interest rate hike.

The Mortgage Bankers Association (MBA) survey shows that the mortgage composite index for the week ending Nov. 4 declined 0.1%  from the previous week. Mortgage loan application volume plummeted 70.3% compared to the same period in 2021.

The survey, conducted weekly since 1990, covers 75% of all U.S. retail residential mortgage applications.

The seasonally adjusted purchase index increased 1% from the prior week, the first rise after six weeks of declines, but remained close to 2015 lows, said the MBA. The index dropped details ⇒

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