Mortgage rates rose as refinance transactions dragged down new loan activity.
The Mortgage Market Index from Mortech Inc. and Mortgage Daily fell for the second week in a row to 298 for the week ended Wednesday from 325 a week prior. A drop in refinances was responsible as refinance share fell to 60 percent from 62 percent.
As interest rates crept up, the jumbo-conventional spread was unchanged.
Meanwhile, the average U.S. loan amount moved lower to $212,726 from $216,844.
