Reuters is reporting that the Mortgage Bankers Association’s weekly index of mortgage application activity fell 6.9% in the week ending 10/13/23 to 166.9, the lowest since May, 1995. The report showed applications for home loans fell 5.6% to the lowest point since February 1995 and applications for refinancing fell 9.9%.
“The volume of U.S. mortgage applications plummeted to the lowest in nearly three decades last week as the interest rate on the most popular type of home loan rose for a sixth straight week to the highest since 2000, the latest data to point to no near-term relief for the slumping housing market.”
Click here to read the full story at Reuters.
