Mortgage Rates Rise, Applications Fall

Mortgage applications plunged last week to a four-month low after mortgage rates jumped to 4.46% for an average 30-year fixed-rate mortgage, up from 4.28% in the previous week, the Mortgage Bankers Association reported on Wednesday.

Overall applications were down 14.4%, but the plunge was sharper among refinances, which are much more sensitive to swings in rate. Refinance applications were down 16.5%, to the lowest level since July, while purchase applications were down 5%.

Read the full post at The Wall Street Journal