Mortgage Applications Down as Rates Rise

Washington, DC, May 22, 2013 -- Mortgage application volume dropped last week by the most in almost five months as interest rates rose, according to the Mortgage Bankers Association.

MBA said its index fell 9.8% in the week ended May 17 from the prior week.
Purchase applications declined 3%, and refinancing applications plunged 11.7%.

The average rate on a 30-year fixed mortgage jumped to 3.78% from 3.67% in the prior week.