Mortgage refinance applications tumbled 19 percent last week as interest rates rose to their highest levels since July, according to the Mortgage Bankers Association’s (MBA) latest weekly survey.
The drop in refinance demand marks the lowest level of refinance activity since May, which comes as the average contract rate for a 30-year fixed mortgage climbed to 6.81 percent last week, the highest since July, according to the survey, released on Nov. 6.
