Interest in residential mortgage loans fell 8.3% for the week ending April 22, including a sharp decline in purchase applications, which indicates a potential weakness in home sales in the coming months, according to the Mortgage Bankers Association‘s (MBA) latest survey.

Mortgage rates are now firmly above the 5% mark, at the highest level since 2009, depressing both purchase and refinance applications. Borrowers who are still planning to get a loan are increasingly interested in adjustable-rate mortgages (ARMs). 

According to the MBA, refi applications fell 9% from the prior week and were down 70.8% from details ⇒

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