Mortgage Apps Decreased For 7th Time In Eight Weeks, Lowest Since 1996, Purchase Apps Down -27% YoY

Mortgage applications plummeted 0.8% in just a week, as per the Mortgage Bankers Association. Even after Labor Day adjustments, a concerning 12% slump was observed from the prior week. Refinancing took a nosedive by 5%, and the year-on-year data shows a startling 27% decline in purchase applications.