Mortgage applications tank as rates soar

Mortgage applications plummeted 10.6 percent during the week ending Sept. 19 as jitters in financial markets produced a spike in interest rates.

The Mortgage Bankers Association said the average rate for 30-year fixed-rate mortgages increased to 6.08 percent, up from 5.82 percent the previous week, with points remaining at 1.13 including origination fee for 80 percent loan-to value ratio loans.

The average rate for 15-year fixed-rate mortgages increased to 5.84 percent, up from 5.54 percent, with points increasing to 1.17 from 1.12 for 80 percent LTV loans.

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