Homeowners and home buyers alike took a deep breath as rates continued to rise last week, pulling back from the mortgage market. Total application volume fell 2.5% for the week, which makes it 3.3% lower compared to the same week last year. Refinance volume also led the way down, dropping 4% from last week and 15% as compared to a year ago, when the rates were lower. The reason for the big drop, across the board, could simply be that homeowners today are more rate-sensitive as home prices continue to rise.
