Mortgage Refinance Demand Plunges 60%, as Rates Hit Their Highest Level Since 2018

CNBC, Mar. 30, 2022–Diana Olick
Total mortgage application volume decreased 6.8% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. This, as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 4.80% from 4.50%.