- Prior -1.2%
- Market index 456.2 vs 496.5 prior
- Purchase index 265.4 vs 269.5 prior
- Refinancing index 1,522.7 vs 1,778.3 prior
- 30-year mortgage rate 4.50% vs 4.27% prior
That's a big drop in mortgage applications with the drag largely coming from refinancing activity, though purchases also fell on the week. Of note, this comes as the 30-year mortgage rate jumps up by 23 bps to 4.50% - the biggest weekly increase since March 2020. As the Fed begins to tighten, we are already starting to see some impact felt in the housing market (as it has been showing in the past few months).
