us. the key takeaway, according to the mortgage bankers association, applications for a home purchase mortgage fell 3% for the week. that led to a 27% drop over the same week last year. it s even more dramatic when it comes to refinancing a home mortgage. applications there fell 4% for the week leading to a 37% drop from the same time last year. for context around that drop-off, the average rate for a 30-year fixed rate conforming mortgage and a jumbo mortgage, they both rose above 7% for the week. federal housing authorities or fha loans which are more popular amongst first-time home buyers, also lower to middle income families, they saw interest rates rise to 7.0% which is important because it marks the highest fha loan rate since 2002. the bottom line, jose, higher interest rates aren t just making homes less affordable,