The mortgage refinance applications have fallen 13% for the week and were 53% lower compared to one year ago. The mortgage applications for new home purchases dropped 2% for the week and were 11% lower compared to 12 months ago.
This is a reflection of the increase in mortgage rates. As the rates continue to increase, it is expected that refinancing activity will decrease drastically. New home purchases will also decrease, but this variable is more affected by the increase in prices of homes.
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