Demand for mortgage applications in the United States fell by 6.3 percent on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA) survey for the week ending April 1. The Refinance Index decreased 10 percent from the previous week and was 62 percent lower than the same week one year ago, as the applications for refinancing of home loans dries up. Rising interest rates and a tighter monetary policy from the Fed continue to push mortgage applications down, as less homeowners benefit from refinancing and more potential homebuyers are priced out. “Mortgage application volume continues to decline due to rapidly rising mortgage rates, as financial markets expect significantly tighter monetary policy in the coming months,” said Joel Kan, MBA’s associate VP of economic and industry forecasting. “As higher rates reduce the incentive to refinance, application volume dropped to its lowest level since the spring of 2019,” he said. Meanwhile, the refinance …