Mortgage Applications at 25-Year Low; Mortgage Rates at 20 Year High; Housing Starts Slide

Mortgage Applications at 25-Year Low; Mortgage Rates at 20 Year High; Housing Starts Slide

Mortgage application activity fell again during the week ended October 14 as mortgage interest rates hit their highest level in 20 years. The Market Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 4.5 percent on a seasonally adjusted basis from one week earlier and was down 4 percent on an unadjusted basis. The Refinance Index dropped 7 percent week-over-week and was 86 percent lower than the same week in 2021. The refinance share of mortgage activity decreased to 28.3 percent of total applications from 29.0 percent during the week ended October 7. [refiappschart] The seasonally adjusted Purchase Index was down by 4 percent from one week earlier and was 3 percent lower before adjustment. Purchase volume was 3