Home Refinancing Plunges on Higher Rates
Washington, DC, June 5, 2013 -- Mortgage application volume fell 11.5% last week as mortgage rates rose, according to the Mortgage Bankers Association.
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Fixed 30-year mortgage rates climbed 17 basis points to average 4.07% in the week ended May 31.
Rates have risen nearly half a percentage point in the last month.
Demand for refinancing slumped 15.0%. The refinance share of total mortgage activity fell to its lowest level since July 2011 at 68% of applications from 71% the week before.
Applications for home purchases fell only 1.6%.