Market Composite Index

Mortgage loan application volume fell 7.1% from last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased 7.1%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 5% and was 11% lower YOY. The refinance index fell 13% and was down 53% YOY. Refinances made up 55.8% of total applications. Mortgage rates continue to climb, with the 30-year fixed-rate reaching its highest level since March 2020 last week, 77 basis points above the same time last year. “Unsurprisingly, borrower demand for refinances subsided, with applications falling for the fourth straight week. After almost two years of lower rates, there are not many borrowers left…