Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association's index. Also, mortgage applications to purchase a home led the volume lower, falling 5 percent for the week to the lowest level in 2 years.
This is obviously due to the rising interest rates that are clearly scaring away potential homebuyers.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 5.15 percent. That is the highest rate since April 2010.
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