Prior -6.8%Market index 398.5 vs 425.1 priorPurchase index 258.1 vs 267.1 priorRefinancing index 1,166.3 vs 1,295.1 prior30-year mortgage rate 4.90% vs 4.80% priorMortgage applications continue to drop as home borrowing costs continue to surge higher, leading to a significant fall in both purchases and refinancing activity over the past few months. Since the start of the year, mortgage rates have risen by nearly 1.6% and that is the quickest run-up in costs since 1994.