An abrupt turn higher for mortgage interest rates caused weekly demand from both potential homebuyers and current homeowners to drop.
Total mortgage application volume fell 5.1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
"In the wake of stronger economic data last week, including the September jobs report, mortgage rates moved higher," said Mike Fratantoni, chief economist at the Mortgage Bankers Association.
Last year at this time, mortgage rates were 131 basis points higher.
Mortgage rates moved sharply higher last Friday, following the release of the stronger-than-expected monthly employment report, according to a separate survey from Mortgage News Daily.
Persons:
Mike Fratantoni, Fratantoni, Matthew Graham
Organizations:
Mortgage, Association, Mortgage News
Locations:
Los Angeles , California