By Diana Olick | CNBC
It didn’t take much: A small gain in interest rates had an outsized effect on mortgage applications.
Total volume decreased 4.1 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association. Rates moved higher for the second week in a row.
“Rising oil prices and an improved outlook for global economic growth combined with declining U.S. jobless claims to push U.S. Treasurys higher during the latter half of last week,” said Lynn Fisher, MBA’s vice president of research and economics.