US mortgage applications fall amid rising interest rates

The Mortgage Bankers Association revealed on Wednesday that total mortgage application volume fell 2.8% week-on-week in the US as rising mortgage interest rates continued to take their toll on demand.

Refinance demand was hit particularly hard, down 5% for the week and 31% year-on-year, as the average contract interest rate 30-year fixed-rate mortgages with conforming loan balances increased to 3.20% from 3.16%.

Mortgage applications to purchase a home rose 2% for the week but were 6% lower than the same week twelve months earlier.