"Mortgage Demand Falls as Rates Climb, Defying Market Trends"

Mortgage rates began rising again last week, causing a 5.7% drop in total mortgage application volume to a three-month low. Both purchase and refinance applications fell, with refinance demand plunging 14% for the week. The increase in rates followed comments from Minneapolis Federal Reserve President Neel Kashkari on the need for more positive inflation data before dialing back interest rates.