MBA: Purchase demand declines as mortgage rates continue to climb

Several weeks ago, HousingWire asked the question of whether or not borrowers were sensitive to rate changes. Well, this week’s Mortgage Applications Survey suggest they are indeed. According to the Mortgage Bankers Association, last week’s uptick in mortgage rates, which climbed to the highest level since last October, sent the nation’s mortgage loan application volume in decline by a whopping 10.1%.