According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending October 1, 2021, U.S. mortgage applications decreased 6.9 percent from one week earlier
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7 percent compared with the previous week.
The Refinance Index decreased 10 percent from the previous week and was 16 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 13 percent lower than the same week one year ago.
“Mortgage applications to refinance dropped almost 10 percent last week to the lowest level in three months, as the…