• Prior -6.8%
  • Market index 398.5 vs 425.1 prior
  • Purchase index 258.1 vs 267.1 prior
  • Refinancing index 1,166.3 vs 1,295.1 prior
  • 30-year mortgage rate 4.90% vs 4.80% prior

Mortgage applications continue to drop as home borrowing costs continue to surge higher, leading to a significant fall in both purchases and refinancing activity over the past few months. Since the start of the year, mortgage rates have risen by nearly 1.6% and that is the quickest run-up in costs since 1994.