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Mortgage Apps: Down to Four-Year Low, Highest Rates Since 2010

The week ended November 2 was another week of retreat for mortgage applications as the Mortgage Bankers Association's (MBA's) Market Composite Index dropped by 4.0 percent on a seasonally adjusted basis. This brought the index to its lowest level since December 2014. The index was down 2.0 percent on an unadjusted basis compared to the previous week. The Refinance Index decreased 3 percent and the share of applications that were for refinancing shrunk to 39.1 percent from 39.4 percent of the total.  Despite fluctuating almost weekly and even with rising interest rates, the share of loans that were for refinancing has declined by only a  net of 2 percentage points since the end of July.

 

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