… The Refinance Index decreased 4 percent from the previous
week and was 80 percent lower than the same week one year ago. The seasonally adjusted Purchase
Index decreased 7 percent from one week earlier. The unadjusted Purchase Index increased 16 percent
compared with the previous week and was 19 percent lower than the same week one year ago.

“Mortgage applications declined for the third week in a row, reaching the lowest level since 2000.
Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for
refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low,” said Joel Kan,
MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase activity declined for
both conventional and government loans, as the weakening economic outlook, high inflation, and
persistent affordability challenges are impacting buyer demand. The decline in recent purchase
applications aligns with slower homebuilding activity due to reduced buyer traffic and ongoing building
material shortages and higher costs.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($647,200 or less) increased to 5.82 percent from 5.74 percent, with points increasing to 0.65 from 0.59
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added