Mortgage application volume fell significantly last week in response to a sharp uptick in interest rates, according to a report from the Mortgage Bankers Association for the week that ended Nov. 12. Overall, mortgage activity declined by 14.4 percent week-over-week, with refinancing applications down 16.5 percent to their lowest level since July and purchasing applications down 5 percent during the same period. The declines, according to Michael Fratantoni, the MBA’s vice president for research and economic, were a direct result of increases in the average contract interest rates for both the 30-year and 15-year fixed-rate mortgage to their highest levels since mid-September. The 30-year mortgage rose to 4.46 percent from 4.28 percent one week earlier; the 15-year mortgage rose to 3.87 percent from 3.64 percent one week earlier. TRD