Washington, DC, July 10, 2013 -- Rising mortgage rates resulted in fewer mortgage applications last week, according to the Mortgage Bankers Association.
Rates rose to their highest level in nearly two years at 4.68%. Consequently, mortgage purchase applications fell 3.1%, while refinancing applications fell 4.4%.
Rates have been rising since early May.
The index of mortgage application activity, which includes both refinancing and home purchase demand, fell 4.0%.