The volume of mortgage applications declined for the second week as interest rates for some products crossed the 4.0 percent line. The Mortgage Bankers Association (MBA)said its Market Composite Index, a measure of that volume, decreased 5.4 percent on a seasonally adjusted basis from one week earlier and was down 3 percent on a non-adjusted basis.
The Refinance Index dropped by 9 percent week-over-week and 54 percent compared to the same week in 2021. The refinance share of activity decreased to 52.8 percent of total applications from 56.2 percent the previous week. It was the lowest share for refinancing since July 2019.
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