Mortgage Refinancing Falls on Higher Rates

Washington, DC, Aug. 28, 2013 -- Mortgage application volume last week dropped 2.5% from the prior week as interest rates rose, the Mortgage Bankers Association said.

The MBA's refinance index fell 5% from a week earlier, while the seasonally adjusted purchase index rose 2%.

The refinance share of applications fell to 60%, from 61% a week earlier.

The average rate on 30-year fixed-rate mortgage rose to 4.8% from 4.68%.

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