Mortgage refinancing drops to a 22-year low as interest rates surge even higher - CNBC

Mortgage applications to purchase a home decreased 0.4% for the week and were 29% lower than the same week one year ago.

Due to the recent jump in rates, the adjustable-rate mortgage share reached 10% of applications and almost 20% of dollar volume because ARMs offer lower interest rates and can be fixed for up to 10 years.

Mortgage rates continued to surge higher this week, crossing 7% on the 30-year fixed to 7.08%, according to a separate survey by Mortgage News Daily.