A slight rise in interest rates caused a pullback in mortgage demand last week.
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.
Purchase demand fell 3 percent for the week, despite more homes coming onto the market and Presidents Day weekend marking the unofficial start of the usually busy spring housing season. Volume was just 1 percent higher than the same week one year ago. Those buyers who were in the market, however, were seeking higher-priced homes.
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