Mortgage Applications Fall To Lowest Level In 25 Years
Applications have now decreased in 9 of the past 10 weeks.
Applications have now decreased in 9 of the past 10 weeks.
The Market Composite, Purchase, and Refinance indexes all fell 2% last week.
MBA Market Composite Index fell 14.2% last week to the slowest pace since 1997.
After rising nearly 4% the previous week, applications fell nearly 4% last week as interest rates rose.
MBA economist says the nearly 4% increase 'underscores the overall volatility' of the current housing market.
Month-over-month, purchase applications rebounded in August after four straight monthly declines.
Homebuyers pull back as mortgage rates top 6% for first time since 2008.