Rates Are Up, Mortgages Are Down

Mortgage lenders and brokers probably aren’t very busy.
Mortgage application volume fell 1.7 percent last week, according to the mortgage bankers group.
Volume was 15 percent lower compared with a year ago.

Consumers are also showing weak demand for mortgage refinances— 32 percent lower than a year ago.
Interest rates for 30 year mortgages are now above 5 percent.
Adjustable rate mortgages are gaining steam.