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Only a Modest Decline For Mortgage Apps. Next Week Should Improve

Reported · Written up by our desk · Residential

Mortgage applications continued to lose ground as mortgage rates held near their highest levels in nearly three years. The Mortgage Bankers Association (MBA) reported a 2.7% decline in total mortgage application volume for the week ending October 9. That's an important date, because a substantial majority of a fairly sharp decline in interest rates occurred AFTER October 9. As such, next week's data is a great opportunity to see the impact of lower rates. Purchase activity took another step back, with the seasonally adjusted Purchase Index falling 4% for the week and running 16% below year-ago

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