Mortgage applications down 3.4% on another slight rate gain

Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California./Getty Images
Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California./Getty Images

By Diana Olick | CNBC

It was yet another small tick higher for interest rates last week, and it was enough again to hold borrowers back from applying for a mortgage.

Total application volume fell 3.4 percent for the week from the previous week, according to the Mortgage Bankers Association. Volume is 14 percent higher than one year ago.

Refinance demand fell 6 percent for the week, but it is 15 percent higher than one year ago. Rates are not that much different now than they were then.

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