U.S. mortgage applications have decreased 6.8 percent from the week before, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 25. The drop in applications comes as mortgage rates rose for another week, hitting current borrowers who were applying to refinance, but demand from homebuyers still remains steady. Homebuyers are facing sky-high home prices and record-low supply, in addition to the rising mortgage rates. “The Refinance Index decreased 15 percent from the previous week and was 60 percent lower than the same week one year ago,” said the MBA. The 15 percent weekly drop in refinance applications is driving the downturn in overall mortgage demand. The refinance index is at its lowest level since May 2019, while the higher mortgage rates have pushed the index down sharply over the last several months. “The seasonally adjusted Purchase Index increased 1 percent from …