A key measure of home-purchase applications tumbled last week to a nearly three-decade low as consumer demand cooled sharply amid a recent spike in mortgage rates. The Mortgage Bankers Association's index of mortgage applications fell 6.9% last week to the lowest level since 1995, according to new data published Wednesday. The data also showed that the average rate on the popular 30-year loan climbed for the sixth straight week to 7.7%, the highest level since November 2000.
The steep rates weighed heavily on housing demand, with applications for a mortgage to purchase a home also tumbling 5% for the week. Application volume is down 21% compared with the same time last year. Demand for refinancing also fell further last week, sliding another 10%, according to the survey. Compared with the same time last year, refinance applications are down 12%. "Refinance activity was at its lowest level since early 2023," Kan said.
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