US Real Estate

US Mortgage Applications Drop Sharply as Rates Rise for First Time in a Month

The 30-year fixed mortgage rate rose to 6.46 percent last week from 6.34 percent the week before, according to the Mortgage Bankers Association.
US Mortgage Applications Drop Sharply as Rates Rise for First Time in a Month
A 'For Sale' sign in Washington. Madalina Vasiliu/The Epoch Times
Mary Prenon
Mary Prenon
Freelance Reporter
|Updated:
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Following a notable increase over the past few weeks, national mortgage applications fell sharply by 12.7 percent last week, as mortgage rates recorded their first increase in four weeks, the Mortgage Bankers Association (MBA) reported.

The MBA’s Weekly Mortgage Applications Survey, released on Oct. 1, showed that the Market Composite Index—a measure of mortgage loan application volume—decreased on a seasonally adjusted basis from the prior week. On an unadjusted basis, the index dropped by 13 percent from the previous week.

Mary Prenon
Mary Prenon
Freelance Reporter
Mary T. Prenon covers real estate and business. She has been a writer and reporter for over 25 years with various print and broadcast media in New York.