Mortgage demand hits 22-year low as loan applications continue to drop

Mortgage applications decreased last week, the third week in a row, as they now sit at the lowest level since 2000, according to a new survey.

On Wednesday, the Mortgage Bankers Association (MBA) released its weekly mortgage applications survey that found the Market Composite Index, which measures the volume of loan applications, decreased by 6.3% last week when adjusted to a seasonal basis.

On an unadjusted basis, the Index saw a 17% increase compared to the previous week.

"Mortgage applications declined for the third week in a row, reaching the lowest level since...