A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand.
Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
Refinance demand, which is especially sensitive to weekly interest rate movements, fell to the lowest level in three months, down 10% last week compared with the previous week. Volume was 16% lower than the same week one year ago. Mortgage applications to purchase a home declined 2% for the week and were 13% lower than the same week one year ago. It was driven by a drop in conventional loan applications. Government loans, which are mostly used by lower-income borrowers, saw a 1% increase in demand.
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