Refis down as mortgage rates climb

The rate of mortgage application filings dropped 11 percent on a seasonally-adjusted basis during the week ending April 2, according to the Mortgage Bankers Association. This overall drop in the MBA’s mortgage loan application volume index was due in part to the dramatic 16.9 percent decrease in refinance applications, as the 30-year fixed mortgage interest rate hit 5.04 percent, its highest level since August 2009. The rate of purchases for new mortgages, meanwhile, remained relatively the same week-over-week. Refinancings accounted for about 58.7 percent of total mortgage applications during the week, down from their 63.2 percent share the week earlier. TRD