Rate gains slow refis, home purchases

Home loan application volume fell 7.8 percent last week as interest rates rose, the Mortgage Bankers Association reported today.

The seasonally adjusted decline from the week before was led by an 8.7 percent decrease in the index that tracks refinancings, followed by a 6.9 percent decrease in purchase loans. As a result, the refi share of applications dipped from 48.7 percent two weeks ago to 48.2 percent last week, while the adjustable-rate mortgage (ARM) share increased from 8.3 percent to 10 percent.

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