The Market Composite Index, a measure of mortgage loan application volume, declined by 14.2 percent on a seasonally adjusted basis for the week ended Sept. 30, 2022, compared to a year earlier. The Refinance Index fell 18 percent from the previous week, while the Purchase Index registered a decrease of 13 percent.

Joel Kan, MBA's associate vice president of economic and industry forecasting, pointed out that overall mortgage application activity dropped to its "slowest pace" since 1997, according to a press release on Oct. 5.