Homebuyers rush to get mortgages before higher rates price them out

Photo by: Mortgage Bankers Association
Photo by: Mortgage Bankers Association

(Washington, DC) -- Homebuyers are rushing to get mortgages before higher interest rates price them out of the market.  

The Mortgage Bankers Association reports applications for loans to buy homes jumped eight-percent last week as interest rates rose to the highest level in almost two years.

The national average interest rate for a 30-year fixed-rate mortgage shot up 12 basis points, to three-point-64 percent. That helped drive down refinance applications by three-percent.

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