Interest in residential mortgage loans fell 6.8% for the week ending March 25 as rates jump even closer to the 5% mark, according to the Mortgage Bankers Association‘s latest survey.

Few borrowers these days have an incentive to refinance their mortgage. According to the MBA, refi applications fell 15% from the prior week and 60% from a year ago. Meanwhile, the seasonally adjusted purchase index increased 0.64% from one week earlier, showing resilience while rates climb, but was still down 10.1% year over year.

“Mortgage rates jumped to their highest level in more than three years last week, details ⇒

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