• Prior -5.7%
• Market index 205.0 vs 214.9 prior
• Purchase index 158.3 vs 165.4 prior
• Refinance index 443.0 vs 468.2 prior
• 30-year mortgage rate 6.69% vs 6.57% prior

A surge higher in rates in the past week weighed further on mortgage applications with both purchases and refinancing activity slumping heavily. The market index is the lowest since the first week of March as housing market conditions continue to be impacted adversely by the Fed’s tightening.

This article was written by Justin Low at www.forexlive.com.