Mortgage applications have fallen to their lowest level in 25 years as interest rates hit record highs, according to the Mortgage Bankers Association (MBA).
The MBA’s Market Composite Index, which measures mortgage application loan volume, fell 1.7 percent on a seasonally adjusted basis for the week ending Oct. 21 compared to a week earlier, according to an Oct. 26 news release.
The Refinance Index declined 0.1 percent on a weekly basis and was down 86 percent compared to a year prior. The Purchase Index fell 2 percent from the previous week on a seasonally adjusted basis to its slowest pace since 2015 and was over 40 percent lower than the previous year….