Mortgage Purchase Applications And Refinancing Falls On Rising Interest Rates

Amid rising interest rates, purchase applications for home mortgages fell by a seasonally adjusted 6.0 percent in the February 9 week. Unadjusted, the year-on-year gain in the volume of purchase applications fell 4.0 percentage points to 4.0 percent. Applications for refinancing fell just 2.0 percent in the week, putting the refinancing share of mortgage applications up 0.1 percentage points to 46.5 percent. Mortgages rates rose to the highest level since January 2014, with the average interest on 30-year fixed rate conforming mortgages ($453,100 or less) up 8 basis points from the prior week to 4.57 percent.