As rates rise, loan applications fall
From Times wire reports
Americans filed fewer mortgage applications during the week ending April 4, primarily because of a decline in requests for refinancing as mortgage rates rose.
The Mortgage Bankers Assn. of America reported Wednesday that its weekly seasonally adjusted index gauging mortgage application activity stood at 1,2461.1, down 1.3% from the prior week’s 1,262.5.
Refinancing activity represented 70.3% of total applications, decreasing from 73.3% the previous week.
On the other hand, the index of purchase-mortgage activity increased nearly 10% for the week.
