WASHINGTON -- Reflecting rising interest rates, the U.S. mortgage application index decreased to a seasonally adjusted 193.5 in the week ending March 13, the Mortgage Bankers Association of America said last week.
The index, which rose to 204.7 during the previous week, tracks the pace of applications for mortgages and refinancing, both of
which increased after rates fell to the lowest
levels since the 1970s.
The index for home purchases decreased to a seasonally adjusted 131.2 from 133.4 in the latest reporting week, the mortgage bankers association said.
The refinancing index decreased to 561.9 from 613.7.
The average interest rate on 30-year fixed mortgages increased 20 basis points to 9.4 percent.
The average rate on 1-year adjustable rate mortgages rose 20 basis points to 6.7 percent.