By Diane Olick | CNBC
The highest interest rates of the year continue to take their toll on mortgage business, but they are breathing new life into mortgage products that were more popular during the last housing boom.
Total mortgage application volume fell 5.5 percent on a seasonally adjusted basis from one week earlier for the week ending June 12, according to the Mortgage Bankers Association (MBA).
“Rising rates continue to create volatility in weekly mortgage applications activity,” noted Michael Fratantoni, the MBA’s chief economist.
