Mortgage application activity has fallen by 3.2% in just one week. This coincides with a rise in interest rates and a refinancing drop that reached an 18-year low, according to a recent report.
"The MBA's Weekly Mortgage Applications Survey for the week ending Nov. 9 found that the refinance index decreased 4.3% from the previous week reaching its lowest level since December 2000," reported National Mortgage News.
"The refinance share of mortgage activity increased to 39.4% of total applications from 39.1% from one week earlier."
Joel Kan, the MBA's associate Vice President of economic and industry forecasts believes that much of the slides are a result of "volatility in the financial markets and increasing rates."
"Adjustable-rate loan activity decreased to 7.7% from 7.8% of total applications, while the share of Federal Housing Administration-guaranteed loans increased to 10.6% from 10.1% the week prior," according to NMN.
"The share of applications for Veterans Affairs-guaranteed loans remained unchanged at 10.1% and the U.S. Department of Agriculture/Rural Development share remained unchanged from 0.7% the week prior."
To learn more about these changes and what to expect in terms of the general outlook for the housing market, click on the image above.