Mortgage Applications Decline on Higher Rates

Washington, DC, Feb. 18, 2015 -- Mortgage application volume plunged last week as interest rose to their highest level this year, according to the Mortgage Bankers Association.

Loan applications declined 13.2% for the week ending February 13, although volume is still 14% above year-ago levels.

Refinance applications fell 16% week-to-week on a seasonally adjusted basis, while purchase applications fell 7% for the week.

The average rate for 30-year fixed-rate mortgages increased to 3.93% from 3.84%.