A slight rise in interest rates caused a pullback in mortgage demand last week.
div > div.group > p:first-child"> Total application volume fell 2.5 percent week to week, according to a seasonally adjusted index from the Mortgage Bankers Association. Volume was 2 percent lower compared with the same week one year ago.
"The average loan size for purchase applications increased to a record high, led by a rise in the average size of conventional loans," said Mike Fratantoni, MBA senior vice president and chief economist."This suggests that move-up and higher-end buyers have so far become a greater share of the spring market."
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