Mortgage interest rates increase sharply

As most interest rates moved higher, mortgage application volume tumbled 22.6% during the week ending Feb. 15, according to the Mortgage Bankers Association's weekly application survey. Refinance volume dropped 27.9% during the week, while purchase volume fell 11.55%. Refinance applications accounted for 61.7% of total applications. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 6.09% from 5.72%. The average interest rate for 15-year fixed-rate mortgages, a popular option for refinancing a home, increased to 5.55% from 5.18%.

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