US mortgage applications plunge to lowest levels since 2019

• The Market Composite Index slips to 466.4 from the last week

• The Refinance Index falls 16 % from the previous week

U.S. mortgage applications plummeted to their lowest level in more than two years last week, signaling that rising mortgage rates are a hindrance to the real estate market.

The Mortgage Bankers Association (MBA) said that its Market Composite Index, a gauge of mortgage loan application volume, slipped 13.1 % to 466.4 from the previous week. It was the lowest point since December 2019.