#CNBC Mortgage refinance demand plunges 21%, as rates hit 3-week high

Mortgage refinance demand plunges 21%, as rates hit 3-week high
After dropping to a three-year low two weeks ago, mortgage rates then shot right back up again.

As a result, total mortgage application volume declined 12.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The drop was mostly driven by a pullback in refinancing, CNBC’s Diana Olick reports.

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