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Climbing Mortgage Rates Cause Mortgage Applications to Fall

Mortgage applications fell 13.5 percent last week compared to the previous week as interest rates continued their climb, making it less attractive for homeowners to refinance, the Mortgage Bankers Association reported Wednesday.

The refinance index fell a whopping 28 percent last week compared to a week earlier.

At the same time, the purchase index, a future gauge of home buying activity, fell just 2.7 percent for the week.

Rates continue to climb since hitting all-time lows in May. The 30-year fixed-rate mortgage, the most popular choice among home buyers, averaged 4.8 percent last week, up from 4.73 percent the previous week, according to the MBA. The average 15-year fixed-rate mortgage increased from 3.75 percent to 3.83 percent last week.

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