Total mortgage applications rose 1.4 percent from the previous week, according to a new report from the Mortgage Bankers Association.
CNBC reports that the uptick in applications coincides with a mortgage interest rate surge. The average interest rate for 30-year fixed-rate mortgages went up to 4.20 percent, a .07 percentage point increase from the previous week.
Application volume, though, is 26 percent lower than the same week one year ago. Refinance volume has also dropped 0.4 percent over the week.