Mortgage Applications Decline June 1, 2022

Not surprisingly, applications for home loans have declined rapidly since mortgage interest rates have climbed.  How much?  Here are some interesting statistics:

  • Weekly applications are at the lowest level since December 2018.
  • This week was the third consecutive week of declines, indicating the housing market is also slowing down.
  • Refinance applications are down 75% from their peak in 2021.
  • Purchase applications are down from last week, and have decreased three weeks in a row.

Higher interest rates.  Higher prices.  Higher Inflation.  Until we see a break in any or all of these three root causes, we will continue to see fewer borrowers and applications.