Applications for home loans fell more than 16% last week as interest rates rose, according to a Mortgage Bankers Assn. survey released Wednesday.
As expected, a drop-off occurred among people seeking to refinance their homes, because the benefits of refinancing are driven by rate trends.
The trade group said the average rate for 30-year, fixed-rate mortgages jumped to 5.25% from 4.81% a week earlier -- the biggest weekly increase since October. Including the origination fee, typical points charged decreased to 1.02% from 1.28% of the loan amount for mortgages amounting to 80% or less of the property value.
--
