Logan Mohtashami

Interest rates increased last week for the first time in more than a month, pushing mortgage applications down. The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 8.8%, outstripping last week’s 5.3% increase. Adjusted purchase applications fell by 10%, while the unadjusted index was down 9% from the week before and 36% lower YOY. The average interest rate for 30-year fixed loans jumped from 6.30% to 6.43% after ticking down consistently since bank failures last month. MBA Vice President and Deputy Chief Economist Joel Kan noted that an influx of first-time buyers in the market adds to rate sensitivity, as these buyers lack the flexibility of…