US MBA Mortgage Applications: -13.3% (Previous -7.7%)
30-Yr Mortgage Rate Actual 6.62% (Previous 6.39%)
The stall continues
The renewed rise on mortgage rates caused more potential buyers to sit on the sidelines.
The MBA's Purchase Composite Index, a measure of all mortgage loan applications for purchase of a single family home, dropped 18.1% from the prior week to its lowest level since 1995.