Mortgage Applications Fall Sharply Last Week

Washington, DC, June 18, 2014 -- Mortgage application volume fell sharply last week as interest rates increased, according to the Mortgage Bankers Association.

MBA said its seasonally adjusted index of mortgage application activity fell 9.2% in the week ended June 13.

Refinancing applications dropped 12.7%, while loan requests for home purchases fell 4.7%.

Fixed 30-year mortgage rates averaged 4.36% in the week, up from 4.34% the week before.