Mortgage Applications Fall as Rates Edge Up

Washington, DC, July 27, 2011 — Rising interest rates contributed to a weekly drop in mortgage applications, according to the Mortgage Bankers Association.

The MBA’s seasonally adjusted index of mortgage application activity fell 5.0% in the week ended July 22. The index rose 15% the previous week, led by refinancing.

The latest measure of refinancing applications dropped 5.5% while loan requests for home purchases were down 3.8%.

Fixed 30-year mortgage rates averaged 4.57%, rising slightly from 4.54%.