Mortgage applications sank as high prices and rising mortgage rates have increased
unaffordability. The total volume of mortgage loan applications declined 10.6% compared to the previous week when seasonally adjusted, while the purchase index fell 10% in that same time, according to a release from the MBA. The drop in applications follows an increase in the average interest rate for a 30-year fixed-rate mortgage for homes under $766,550 to 7.06% from 6.87% the week prior, intensifying housing unaffordability.