Refinancing applications fall, interest rates rise

The number of people looking to take out or refinance mortgages fell 7.2 percent last week as interest rates rose, according to data released by the Mortgage Bankers Association today. The average interest rate increased from the previous week to 5.57 percent for a 30-year fixed-rate mortgage and rose to 5.1 percent for a 15-year mortgage. The average interest rate for one-year adjustable-rate mortgages increased to 6.75 percent. Refinancing applications fell 11.8 percent to 59.4 percent, from 62.4 percent the previous week, the lowest since November.