Skip to main content

Mortgage Applications Down Again

Steve Goode
May 25, 2022
Mortgage Bankers Association Logo

Applications fell 1.2% from a week earlier.

  • Interest rates also dropped for the second consecutive week.

Mortgage applications are down again even though interest rates also dropped for the second straight week, according to the Mortgage Bankers Association’s weekly report.

According to the Weekly Applications Survey, applications fell 1.2% from a week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. 

The  Refinance Index Rate also decreased by 4% from the previous week and was 75% lower than the same week one year ago. 

And the seasonally adjusted purchase index increased 0.2% from one week earlier. The unadjusted purchase index decreased 1% compared with the previous week and was 16% lower than the same week one year ago.

“The 30-year fixed rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years. Most refinance borrowers continue to remain on the sidelines as a result, and refinance applications have fallen in nine of the past 10 weeks. Compared to January 2022, refinance activity is down 66%,” Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting, said.

Kan said that higher mortgage rates are also having an effect on purchase market conditions, as the purchase index remained close to lows last seen in the spring of 2020 when a significant portion of activity was put on hold due to the onset of the pandemic. 

“Currently, higher rates, low inventory, and high prices are keeping prospective buyers out of the market,” Kan said.

Other highlights of the survey, which covers 75% of the  U.S. retail residential mortgage applications, include:

The refinance share of mortgage activity decreased to 32.3% of total applications from 33% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 9.4% of total applications.



May 25, 2022
Mortgage Delinquencies Remain Low In July

CoreLogic report shows a stable mortgage landscape, with overall delinquency and foreclosure rates nearing historic lows.

Sep 29, 2023
Consumer Price Increases Slow, Matching Closer to Fed's Target

Core PCE Index's annual rise at 3.9% is the least in two years.

Sep 29, 2023
Mortgage Rates Soar To 22-Year Peak

As 30-year fixed-rate mortgages hit 7.31%, experts indicate low housing inventory and changing consumer behavior; renting emerges as a favorable choice for many.

Sep 28, 2023
U.S. Pending Home Sales Plunge 7.1% in August

All four national regions report a slump in monthly and annual transactions, emphasizing the need for better rates and increased housing inventory.

Sep 28, 2023
Washington Trust Bank Settles $9M Redlining Claim

Rhode Island bank faces allegations of discrimination against Black and Hispanic mortgage seekers; DOJ emphasizes commitment to racial equality in lending.

Sep 28, 2023
Home Affordability Plummets As Mortgage Payments Rise

Reports from ATTOM and MBA highlight steepest drop since 2007, with 99% of counties surpassing historical averages in home and condo pricing.

Sep 28, 2023