Mortgage Applications Down on Higher Rates
Washington, DC, Sept. 24, 2014 -- Mortgage application volume last week fell 4.1% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association.
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Refinancing volume fell 7% week-over-week and were down 31% from a year ago.
Purchase applications were down 0.3% for the week and down 16% from a year ago.
The average interest rate for a 30-year fixed-rate mortgage increased to 4.39% from 4.36% the highest rate since May.