Mortgage Applications Fell 6.3 Percent Last Week as Interest Rates Rise

A sold sign is shown in front of a home, Monday, Sept. 20, 2021, in Surfside, Fla. Average long-term U.S. mortgage rates rose this week as the key 30-year loan vaulted over 4% for the first time since May 2019. Mortgage buyer Freddie Mac reports, Thursday, March 17, 2022, that the average rate on the 30-year loan this week jumped to 4.16% from 3.85% last week. AP Photo/Wilfredo Lee

Demand for mortgage applications in the United States fell by 6.3 percent on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA) survey for the week ending April 1.

The Refinance Index decreased 10 percent from the previous week and was 62 percent lower than the same week one year ago, as the applications for refinancing of home loans dries up.