After a brief reprieve in December and January, mortgage rates are moving higher again, and that is taking its toll on mortgage demand.
Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
"That's because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country, keeping some house hunters at home."
Mortgage rates surged even higher Tuesday after a government report on inflation showed it was still stubbornly higher than expected.
"The bond market (which underlies mortgage rates) reacted immediately and forcefully when the numbers came out.
Persons:
Joel Kan, Chen Zhao, Bonds, Matthew Graham
Organizations:
Mortgage, Mortgage News
Locations:
Pico Rivera , California, Redfin