Mortgage applications to buy and refinance drop 11%

Interest rates are rising and so are home prices. That is putting pressure on borrowers and buyers alike./Patrick T. Fallon | Bloomberg | Getty Images
Interest rates are rising and so are home prices. That is putting pressure on borrowers and buyers alike./Patrick T. Fallon | Bloomberg | Getty Images

Yahoo Finance

Interest rates are rising and so are home prices. That is putting pressure on borrowers and buyers alike.

Mortgage application volume fell 11.2 percent last week from the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association. Volume is up 42 percent compared from the same week one year ago, when rates were higher.

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