… The Refinance Index increased 2 percent from the previous
week and was 80 percent lower than the same week one year ago. The seasonally adjusted Purchase
Index decreased 4 percent from one week earlier. The unadjusted Purchase Index decreased 14 percent
compared with the previous week and was 18 percent lower than the same week one year ago.

“Mortgage rates were mostly unchanged, but applications declined for the second straight week.
Purchase applications for both conventional and government loans continue to be weaker due to the
combination of much higher mortgage rates and the worsening economic outlook,” said Joel Kan, MBA’s
Associate Vice President of Economic and Industry Forecasting. “After reaching a record $460,000 in
March 2022, the average purchase loan size was $415,000 last week, pulled lower by the potential
moderation of home-price growth and weaker purchase activity at the upper end of the market.”

Added Kan, “Refinance applications increased slightly last week, driven by an uptick in conventional and
FHA refinances. The overall refinance index remained 5 percent below the average level reported in
June. With the 30-year fixed rate 265 basis points higher than a year ago, refinance applications are
expected to remain depressed.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($647,200 or less) remained at 5.74 percent, with points decreasing to 0.59 from 0.65 (including the
origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added