Demand for mortgage loans dropped following the Fed’s decision to raise interest rates by an additional 75 basis points last week.

The market composite index, a measure of mortgage loan application volume, declined 3.7% for the week ending September 23, compared to the previous week. It was also down 66% compared to the same week in 2021. 

The refinance index fell 11% from the previous week and was down 84% from the same week in 2021. The purchase index decreased 0.4% from the previous week and dropped 29% from a year ago. 

“Applications for both purchase and refinances declined details ⇒

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