Mortgage rates climbed to their highest level in more than a year last week, putting further pressure on borrowers and weakening demand for home loans. Total mortgage application volume fell below the level recorded a year earlier.
Mortgage applications declined 2.9% from the previous week, according to data cited in the report. The decrease followed another sharp drop in mortgage demand, extending the recent downturn as borrowing costs moved higher.
The figures indicate that higher rates are discouraging some prospective homebuyers and homeowners seeking to refinance. With mortgage costs at a more-than-one-year high, overall activity in the housing finance market remained weaker than it was a year ago.
