“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan

“Mortgage rates decreased for the first time since August, as concerns about supply-chain bottlenecks, waning consumer confidence, weaker economic growth and rising inflation pushed Treasury yields lower.” — MBA associate vice president of economic and industry forecasting Joel Kan

At the same time, the increase in interest rates drove fewer borrowers to refinance their loans, according to the Mortgage Bankers Association.