Mortgage apps down as rates rise

Mortgage applications were down last week as interest rates rose, according to data released today.

The Mortgage Bankers Association’s Market Composite Index, which measures loan application volume, was down 4.1% on a seasonally adjusted basis last week from the week prior. On an unadjusted basis, the index was down 2%. The Refinance Index dropped 3% from the previous week, and the seasonally adjusted purchase index was down 6%, hitting its lowest level since September of 2011. The unadjusted Purchase Index dropped 2% from the week prior, and was 17% lower than the same week a year ago.

The refinance share of mortgage activity dropped to 61% of all applications, its lowest level since September 2013. The adjustable-rate mortgage share was up, rising to 8% of all applications, according to the MBA.