New Mortgage Applications Rise with Rates

New mortgage applications rose as interest rates increased, making refinancing less attractive and thus less popular. The total volume of loan applications fell 0.9 percent for the week ending December 3, according to the Mortgage Bankers Association, with refinances declining 1.4 percent and new purchase applications rising 1.8 percent. The pattern is similar to that of recent weeks, suggesting that more homebuyers are making a move due to fears of rising rates. The average 30-year fixed-rate mortgage now has an interest rate of 4.66 percent.