The Mortgage
Bankers Association (MBA) announced
on Wednesday that the mortgage application volume in the U.S. tumbled by 17.0 per
cent in the week that ended October 11, following a 5.1 per cent decline the week before. This represented the steepest weekly drop
in total mortgage application volume since the week that ended April
3, 2020 (-17.9 per cent).
According to
the MBA’s data, last week’s decline in mortgage applications reflected a 26.3
per cent plunge in mortgage refinance applications and a 7.2 per cent decrease in mortgage applications to
purchase a home.
The report also revealed that the average fixed
30-year mortgage rate jumped from 6.36 per cent to 6.52 per cent, the highest level in nine
weeks.