Mortgage Applications Plummet 14% as Higher Interest Rates and Hurricane Ian Crush Demand

CNBC, Oct. 5, 2022–Diana Olick
The highest mortgage rates in more than 20 years coincided with one of the deadliest hurricanes on record in the United States, both contributing to a steep drop in mortgage demand. Total mortgage application volume fell 14.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index, to the lowest level since 1997.