Real Estate

Mortgage applications fall 14% as higher rates, Hurricane Ian crush demand


A sign points toward an Open House in Alhambra, California on May 4, 2022.

Frederic J. Brown | AFP | Getty Images

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.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.75% from 6.52%, with points decreasing to 0.95 from 1.15 (including the…


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