Loan Demand Falls As Mortgage Rates Rise

According to The Mortgage Bankers Associations Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages jumped from 4.28 percent to 4.46 percent last week. Michael Fratantoni, MBAs vice president of research and economics, said the rate increase was due to stronger economic data and uncertainty about the impact of the Federal Reserves latest purchase of Treasury securities. Because of the increase in mortgage rates, the Refinance Index dropped 16.5 percent and the Purchase Index was down 5.0 percent. More here and here.

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