- The highest interest rates in a month prompted a setback to the mortgage market last week.
- Total mortgage application volume—which includes applications for home purchases and refinancing—dropped 0.5 percent on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.
- Higher interest rates had a big impact on refinancing applications last week, which dropped 4 percent; applications are now 36 percent lower than a year ago when interest rates were nearly half a percentage point lower.
- The 30-year fixed-rate mortgage averaged 4.11 percent last week, up from 4.04 percent the week prior.
However, applications for home purchases proved to be more rate-proof last week and increased 3 percent week over week.
- Applications for home purchases are now 4 percent higher than the same week a year ago.