
The mortgage application index, as compiled by the Mortgage Bankers Association, fell 5.5 percent for the week ending Feb. 4. Meanwhile, the average 30-year fixed-rate interest rate surged to a 10-month high to 5.13 percent from 4.81 percent.
The connection between the two data points is obvious. As rates climb, fewer people are interested in buying and refinancing -- though this may be an overreaction since rates are still historically low and home prices continue to slide.
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