Mortgage demand declined for a sixth straight week on the back of higher mortgage rates, according to weekly applications survey data published Wednesday by the Mortgage Bankers Association (MBA).

Applications dropped 10.8% on a seasonally adjusted basis during the week ending Nov. 1. Demand has plummeted 41% since the last increase in applications during the week of Sept. 20, which paradoxically coincides with the Federal Reserve’s decision to lower benchmark rates by 50 basis points (bps).

The decrease in the MBA’s Market Composite Index was primarily driven by fewer refinance applications, which were down 19% during details ⇒

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