Mortgage rates moved just a tiny bit higher, but apparently it was enough to dampen interest in refinances.
That caused overall mortgage application volume to fall 5.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
"The 10-Year Treasury yield increased last week amid signs of stronger homebuilding activity and solid consumer spending, leading to a rise in conventional conforming and jumbo 30-year mortgage rates to just under 4 percent," said Mike Fratantoni, MBA's chief economist.
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