Mortgage Applications Fall on Higher Rates
Washington, DC, July 3, 2013 -- Mortgage application volume last week fell 12% from the prior week as interest rates jumped, the Mortgage Bankers Association said.
Refinancing applications decreased 16% for the week ended June 28 from the previous week while purchase applications also fell 3%.
The share of applications filed to refinance an existing mortgages decreased to 64%, the lowest level since May 2011.
The average rate on 30-year fixed-rate mortgages with conforming loan balances climbed to 4.58%, the highest rate since October 2011, from the prior week's 4.46%.