Mortgage applications down 41% from last year as rates soar

By Zach Halaschak

Published April 6, 2022 3:23pm ET

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Mortgage applications down 41% from last year as rates soar — FILE - In this Oct. 18, 2010 file photo, an Amazon.com package is prepared for shipment by a United Parcel Service (UPS) driver in Palo Alto, Calif. States could force Internet retailers to collect sales taxes under a bill that the Senate advanced on Wednesday. (AP Photo/Paul Sakuma, File) | Paul Sakuma

Applications for mortgages tumbled 6.3% on a seasonally adjusted basis last week as potential homebuyers felt the sting of rising mortgage rates.

The Mortgage Bankers Association reported that mortgage applications are at their lowest level since the spring of 2019. Total application volume is off 41% from a year ago as the Federal Reserve’s monetary policy tightens and drives mortgage rates higher.

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Federal Reserve Housing Interest Rates mortgages Real Estate