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The sell-off in bonds has made it more expensive to buy a house.
Driving the news: The average rate on a 30-year fixed-rate mortgage rose to 6.81% last week, the Mortgage Bankers Association said Wednesday morning, the highest in a year. Mortgage applications fell 2.9%.
What they're saying: "Application volume for both refinance and purchase loans declined for the week, and are now running behind last year's pace, indicating that higher mortgage rates have weakened overall demand," Mike Fratantoni, MBA's chief economist, said in the release.
