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Week Seven of Rate Hikes and Purchase Volume Falls Again

Week Seven of Rate Hikes and Purchase Volume Falls Again

October 25, 2023
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Interest rates rose again last week, as did the share of borrowers seeking a little price relief by applying for adjustable-rate mortgages (ARMs). While applications for refinancing rose slightly, overall volume declined again. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, declined by 1.0 percent on both a seasonally adjusted and unadjusted basis during the week ended October 20. The Refinance Index increased 2.0 percent from the previous week and was 8.0 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 31.4 percent of total applications from 30.5 percent a week earlier. Both adjusted and unadjusted Purchase Indices were 2.0 percent lower than the prior
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