Mortgage Application Rates Down as Interest Rates Rise to Highest Levels Since July

Homes await buyers in the city of Irvine, Calif., on Sept. 21, 2020. John Fredricks/The Epoch Times

Mortgage application rates in the United States fell by 1.1 percent last week driven by higher interest rate, according to the Mortgage Bankers Association (MBA) Composite Index.

The previous week ending Sept. 10 saw applications increase by 0.3 percent in contrast to the week ending Sept. 24.