Mortgage applications fall as rates rise

NEW YORK — Homebuyers and homeowners filled out fewer mortgage and refinance applications last week as mortgage rates on loans jumped to their highest level in a month, the Mortgage Bankers Association said Wednesday.

Mortgage applications fell 1.8% in the week ended November 8. In its weekly mortgage application survey, the MBA also said that it had revised last week's reading up. Mortgage applications fell just 2.8% in the prior week, versus an initial reading of -7%.

Rising interest rates were cited by bankers as a reason why home-related loan volume was down.

The average rate for the 30-year fixed-rate mortgage with conforming loan balances below $417,000 jumped to 4.44%, from 4.32% a week earlier. The MBA said that was the highest level in a month.

Rates on 30-year fixed-rate jumbo loans with balances above $417,000 rose to 4.48%, from 4.37%, also a one-month high.