Mortgage loan application volume decreased by 11 percent last week as interest rates jumped, according to the Mortgage Bankers Association.
Applications to refinance, which have dominated the market for months, fell by 16.9 percent and made up 58.7 percent of all home loan application volume.
The average contract interest rate for a 30-year mortgage was 5.31 percent compared to 5.04 percent the prior week.
Interest rates jumped as the Federal Reserve completed its purchase of mortgage-backed securities, the association noted.
