Weekly mortgage applications drop 4.6% on higher rates
May 06, 2015 at 07:00 AM EDT
A sharp rise in interest rates at the end of last week sent mortgage applications on a slide. Total volume fell 4.6 percent for the week ending May 1 from the previous week, according to the Mortgage Bankers Association (MBA). The numbers are seasonally adjusted. This as European and U.S. bond markets sold off, pushing interest rates to highs not seen in several months.