With the benchmark 30-year mortgage rate having jumped and lending standards tightening, mortgage loan application volumes to either purchase or refinance a home in the U.S. dropped 13.1 percent on a seasonally adjusted basis last week, according to data from the Mortgage Bankers Association.

On a year-over-year basis, purchase loan activity was down 6 percent last week while applications to refinance were 56 percent lower than at the same time last year and overall mortgage loan application volume dropped to its lowest level since December 2019.

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