Total mortgage application volume rose just 0.8% last week, according to the MBA’s seasonally adjusted index. The average 30-year fixed mortgage rate reached 6.79%, its highest level in four weeks, as investors’ concerns about inflation and rising deficits pushed yields higher. Many borrowers are turning to adjustable-rate mortgages, with the ARM share reaching 8% last week, its highest level in 5 weeks, and the average 5/1 ARM rate at 5.94%. Refinance applications fell 1% for the week and 19% year over year, as current rates leave little incentive for most homeowners to refinance.
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