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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallU.S. purchase-mortgage applications fell 2% in the week ending October 7, 2022, and were 39% lower than in the same week a year earlier, according to Mortgage Bankers Association figures reported by The Epoch Times. The contemporaneous article described mortgage rates as the highest in almost 21 years, but did not identify a precise rate or rate series. These are historical figures, not a measure of today’s mortgage market.
What the October 2022 figures show
The headline’s “slump” refers to two different comparisons of purchase-mortgage applications, not to one single decline. The Mortgage Bankers Association (MBA) figures, as reported by The Epoch Times, were:
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- Week over week: applications fell 2% for the week ending October 7, 2022, compared with the preceding week.
- Year over year: applications were 39% below the level for the corresponding week in 2021.
The weekly change captures a short-term move; the year-over-year comparison shows how much lower application activity was than a year earlier. Neither percentage means that home prices, mortgage approvals, or completed home sales fell by the same amount.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteWhy higher mortgage rates can weaken purchase demand
A higher mortgage rate raises the interest cost of borrowing. For a buyer financing the same home price and down payment, that generally means a larger monthly principal-and-interest payment. Some prospective buyers respond by seeking a less expensive home, increasing their down payment, delaying a purchase, or leaving the market. That can reduce applications for purchase loans.
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The October 2022 report connected the application decline with rising rates and characterized rates as the highest in almost 21 years. It did not give an exact interest rate, specify a mortgage product or rate series, or establish how much of the application decline was caused by rates rather than other factors. The rate description should therefore be read as the article’s characterization at that time, not as a precise rate quotation or a current comparison.
What the report does—and does not—establish
The figures concern mortgage applications to buy homes during one measured week and their comparison with the prior week and the corresponding week in 2021. They are an indicator of application activity, not a count of home purchases or a direct measure of the entire mortgage market. The available report does not provide a separate refinancing figure, an exact interest rate, or a breakdown by borrower or loan type.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
The supplied headline names Equifax, but the matching report is attributed to Bryan Jung at The Epoch Times, published October 13, 2022 and updated December 28, 2023. It credits MBA for the application figures. The available source does not establish that Equifax published the report or supplied the data. The source is a secondary account; the original MBA release is not linked in the report materials available here.
How to read this historical snapshot
- Keep the dates attached to the numbers: the 2% weekly decline and 39% annual decline refer to the week ending October 7, 2022.
- Do not treat the reported “almost 21 years” rate comparison as a current statement or convert it into a specific percentage.
- Do not use application declines as a proxy for an equal decline in sales, prices, or approvals; those are different measures.
The Epoch Times report is available at “Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006”.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
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- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
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