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.
