"The steady rise in mortgage rates ... continues to weigh on mortgage applications, as total volume fell last week to its lowest level since December 2014," said Bob Broeksmit, MBA president and CEO. "Although purchase applications declined for the second straight week, mortgage lenders throughout the country say homebuyer demand is still strong. With home price growth moderating, inventory conditions improving and incomes rising, the foundation is there for activity to pick up before the end of the year."