Home loan apps drop 8.4%

Another round of rising interest rates last week sent mortgage application volume tumbling, the Mortgage Bankers Association reported today.

The market composite index, which measures total mortgage application volume, declined 8.4 percent last week, falling to 611.3 on a seasonally adjusted basis from 667.2 one week earlier.

Refinancings took the largest hit last week, as the seasonally adjusted refinance index dropped 9.6 percent from the previous week, reducing the refinance share of activity to 47.8 percent of total applications.

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