Mortgage applications in the United States fell for the sixth straight week as mortgage rates rose to a 12-year high, causing home purchases and refinancing applications to fall, according to the latest survey by the Mortgage Bankers Association (MBA) on April 20.
The Market Composite Index (MCI), a measure of mortgage loan application volume, showed a 5 percent drop in total seasonally adjusted mortgage applications for the week ending April 15, the lowest figure seen since February 2019. The drop is largely due to rising interest rates.
