Mortgage rates have been on an upward trend for more than two months, and would-be homebuyers are increasingly hitting the brakes on their home purchase plans. 

The Mortgage Bankers Association (MBA) survey shows that the mortgage composite index for the week ending Oct. 21 fell 1.7% from the prior week when it reached its 25-year low. Mortgage loan application volume plummeted 69% compared to the same period in 2021. The survey, conducted weekly since 1990, covers 75% of all U.S. retail residential mortgage applications.

The refinance index was essentially unchanged, increasing marginally by 0.1% from the week prior, but was 86% details ⇒

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