1. The fall in applications came as mortgage rates rose the highest point since April 2012.

2. Those who apply will face checks to make sure that they can afford the mortgage payments.

3. The increase in mortgage rates has contributed to a slowdown in home sales over the past two months.

4. The window of opportunity to buy cheap ended early last year before mortgage rates spiked.

5. One concern is that higher mortgage rates could slow home sales.

6. The higher mortgage cost could potentially push away some buyers.

7. It was completely unexpected that mortgage rates would fall after the Fed began tapering.

8. Still, mortgage rates are nearly a full percentage point higher than in the spring.

9. The Treasury recommended a slowdown in new regulations for mortgage servicers.

10. Or, they still owe more on their current mortgage than their home is worth.

11. The Fed receives interest payments on its holdings of government securities and mortgage debt.

12. If we start seeing mortgage rates rising at a fast pace, we should be concerned.

13. Even with the gains, mortgage rates remain low by historical standards.

14. However, the report recommended a number of regulatory changes to spur greater mortgage origination.

15. Home sales have been bolstered by strong hiring and low mortgage rates.