Surging Interest Rates Push Mortgage Demand Down More than 40% from a Year Ago

CNBC, Apr. 6, 2022–Diana Olick
Rising interest rates are crushing the mortgage market, as precious few homeowners can now benefit from a refinance and more potential homebuyers become priced out. Total mortgage application volume fell another 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.