Mortgage Bankers Association (MBA)

Adds 263,000 jobs in September; unemployment rate dips to 3.5%

MBA Market Composite Index fell 14.2% last week to the slowest pace since 1997.

Freddie Mac survey finds 30-year fixed-rate mortgages now average 6.7%, more than double the rate at this point last year.

After rising nearly 4% the previous week, applications fell nearly 4% last week as interest rates rose.

MBA, however, says the recent stretch of modest affordability improvement likely hit a speedbump this month, as mortgage rates rose above 6%.

MBA economist says the nearly 4% increase 'underscores the overall volatility' of the current housing market.