Rising interest rates are driving mortgage refinances to a 10-year low.
Last week, the Mortgage Bankers Association reports refinances fell to their lowest level since 2008.
Refinance applications were down two-percent last week while applications for loans to buy homes edged up 3 percent.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.69 percent from 4.65 percent, with points decreasing to 0.45 from 0.58 (including the origination fee) for 80 percent loan-to-value ratio loans. That is the highest since January 2014.
The overall application rate was essentially flat, rising less than 1 percent.