WASHINGTON, Nov. 7 (Xinhua) -- U.S. mortgage loan application dropped 4 percent from one week earlier, the Mortgage Bankers Association (MBA) said in a survey on Wednesday.
For the week ending Nov. 2, the Market Composite Index (MCI), a measure of mortgage loan application volume, decreased 4 percent from one week earlier.
"Application activity decreased over the week for both purchase and refinance applications, with the overall market index down to its lowest level since December 2014," said Joel Kan, MBA's associate vice president of economic and industry forecasts.
Kan also noted that the purchase index, which decreased 5 percent from one week earlier, declined to its lowest level since November 2016.
According to MBA website, the survey covers over 75 percent of U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents of the survey include mortgage bankers, commercial banks and thrifts.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, also said on Wednesday that sellers and buyers in the U.S. housing market showed a weaker sentiment in October.
The Home Purchase Sentiment Index (HPSI), which reflects the consumers' current views and forward-looking expectations of housing market conditions, dropped 2 points to 85.7 in October, continuing its downward trend, said Fannie Mae.