Mortgage applications hit 25 year low

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Mortgage Applications Hit 25 Year Low

Application Volume Plunges to 25 Year Low The Mortgage Bankers Association (MBA) said the continuing rise in interest rates and the devastating hurricane that hit Florida and the Carolina’s contributed to a double-digit decline in its indices that measure mortgage application volume. The Market Composite Index for the week ended September 30 was down 14.2 percent on a seasonally adjusted basis from one week earlier and 14 percent before adjustment. MBA’s Associate Vice President of Economic and Industry Forecasting, Joel Kan said, "Mortgage rates continued to climb last week, causing another pullback in overall application activity, which dropped to its slowest pace since 1997. Added Kan, "There was also an impact from Hurricane Ian’s arrival in Florida last week, which prompted widespread closings and evacuations. Applications in Florida fell 31 percent, compared to 14 percent overall, on a non-seasonally adjusted basis."

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