(BREITBART) – Higher interest rates and very high home prices dragged down demand for mortgages for the third straight week, data from the Mortgage Bankers Association indicated Wednesday. Mortgage applications fell 6.3 percent for the week ending July 15, 2022, the MBA said.
Applications for a mortgage to purchase a home dropped 7 percent for the week. Compared with a year ago, applications are down 19 percent.
Refinance loans, which are extremely sensitive to mortgage rates, continued to fall. The refinance index fell four percent from the previous week and is 80 percent lower than a year ago.