Graph looks like it fell off a cliff.
Who would’ve thought…

U.S. Mortgage Applications Down

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.