Housing Beat: Mortgage Rates Soar, Mortgage Applications Sink

Benzinga, Mar. 24, 2022–Phil Hall
While mortgage rates were on the rise, mortgage loan applications went in the opposite direction. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of application volume, was down 8.1% from one week earlier. The Purchase Index dipped by 2% over the same period while the Refinance Index tumbled 14% and was also 54% lower than the same week one year ago.