by Calculated Risk on 3/23/2005 07:06:00 PM

Mortgage applications were down 9.5% last week according to the Mortgage Bankers Association (MBA). According to their press release:

The Market Composite Index - a measure of mortgage loan application volume - was 658.8, an decrease of 9.5 percent on a seasonally adjusted basis from 727.6 one week earlier. On an unadjusted basis, the Index decreased 9.2 percent compared with last week but was down 39.3 percent compared with the same week one year earlier.

"The increase in mortgage rates has reduced application activity across the board, particularly for refinances. Refinance applications are down more than 60 percent relative to this time last year," said Michael Fratantoni, MBA's senior director of single family research and economics.

My emphasis added. Is this the beginning of the end of mortgage equity extraction?