Mortgage applications decreased for the fourth straight week – this time down 2.2%, according to the latest report from the Mortgage Bankers Association.

The 30-year fixed rate also dropped, reported at 3.33% after seven weeks of increases – but it’s still almost half a percentage point higher than the beginning of 2021. Purchase activity is up 6% year-over-year, with the unadjusted purchase index 39% higher than the same week one year ago.

But rising mortgage rates — and home prices that have remained high for months — are making a dent in mortgage applications, according to Joel details ⇒

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