Graph looks like it fell off a cliff.
Who would’ve thought…
September 11 — The number of mortgage applications filed in the U.S. last week fell 13.5% from the prior week on a seasonally adjusted basis as interest rates increased, the Mortgage Bankers Association said Wednesday.
On an unadjusted basis, MBA reported the market composite index declined 23%. The refinance index slipped 28% from a week earlier, while the seasonally adjusted purchase index slid 2.7%.
Higher rates had curbed demand for buy new homes and made refinancing less attractive.
The share of applications filled to refinance existing mortgages fell to 57% from 61% a week earlier. In the latest week, adjusted-rate mortgages, or ARMs, represented 7.1% of total applications.
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