Mortgage Demand Drops as Rates Jump to Highest Since August

The overall mortgage application volume fell 5.1 percent last week as the average interest rate for 30-year fixed-rate mortgages rose to 6.36 percent.
Mortgage Demand Drops as Rates Jump to Highest Since August
A house for sale in Arlington, Va., on July 13, 2023. Saul Loeb/AFP via Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

Mortgage application volume saw a significant drop last week as interest rates jumped to their highest level since August, according to the Mortgage Bankers Association’s (MBA) latest weekly survey, which showed a cooling in both refinance and purchase activity.

The MBA announced in an Oct. 9 press release that overall mortgage application volume fell 5.1 percent for the week ending Oct. 4, with mortgage refinance activity experiencing a sharper 9 percent decline. Purchase activity saw a slight 0.1 percent dip.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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