Mortgage applications dropped 19% since last year

(CNN)– Home mortgage applications dropped 19% from a year ago amid rising interest rates, that’s according to the Mortgage Bankers Association.

Just last week, the average 30-year fixed mortgage rate crossed the 7% threshold for the first time since May 2025.

Mortgage rates just like oil and gas prices have been on the rise since the start of the war with Iran.

Existing-home sales fell 2% last month to their lowest level since June 2025.