Share of Mortgage Applications

Mortgage applications tanked last week, hitting their lowest level since 1995 and wiping out a brief surge the week prior. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 6.9%. Adjusted purchase applications slipped by 6%, while the unadjusted index fell by 5% from the week before and was 21% lower YOY. Another week of rate increases drove the decline. The 30-year fixed mortgage rate rose for a sixth straight week to 7.70%, the highest level since 2000. “Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21% lower than the same week last year, as homebuying activity continues…