It didn't take much to end the party in the refinance market. A small tick higher in mortgage rates caused the sudden surge in refinances to retreat just as quickly.
The average contract interest rate for 30-year fixed-rate mortgages rose to 3.94% from 3.90% last week.Mortgage applications to purchase a home fell 4% for the week.Daniel Acker | Bloomberg | Getty ImagesA small tick higher in mortgage rates caused the sudden surge in refinances to retreat just as quickly. That pushed total mortgage application volume down 6.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
"U.S. Treasury yields were volatile over the course of the week, as the ongoing trade dispute between the U.S. and China continued to generate uncertainty among investors," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "Rates increased for the first time since the week of July 12."
Mortgage applications to purchase a home, which are less sensitive to rate changes, fell 4% last week and were just 2% higher than a year ago.
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