Mortgage Applications, Interest Rates Rise Again

Mortgage applications and interest rates keep rising.  Total applications were up 2.9% percent last week, on top of a 1.6% increase the week before.  Applications for loans to buy homes were up 3%, as were applications to refinance existing mortgages.  The Mortgage Bankers Association reports this morning that interest rates jumped nine basis points.  The national average for a 30-year fixed-rate loan is up to 4.97 %.  That's the highest in nearly eight and-a-half years.