Mortgage Applications Fall on Higher Rates
Washington, DC, April 7, 2010--Mortgage application volume in the U.S. declined last week as rising interest rates depressed refinancing, according to the Mortgage Bankers Association.
The MBA's index fell 11 percent in the week ended April 2 as refinancing fell 17 percent, while the purchase gauge rose 0.2 percent.
The average rate on a 30-year fixed mortgage rose to the highest level since August as the economy showed signs of strengthening.
The report showed the average rate on a 30-year fixed mortgage rose to 5.31 percent from 5.04 percent a week earlier.
The average rate on a 15-year fixed mortgage rose to 4.54 percent from 4.34 percent a week earlier.
Refinancing applications made up 58.7 percent of the volume, the lowest since August.