Mortgage Applications Hit 6-Year Low as Rates Surge: MBA

"Applications for mortgages stumbled to their lowest level in six years last week as rates on fixed-rate mortgages surged, according to data released Wednesday morning by the Mortgage Bankers Association. The association’s composite index, which covers purchase and refinancing activity, fell 15.3 percent on a seasonally-adjusted basis to 502.3 for the week ended May 30, from a reading of 593.3 one week earlier. Applications were off 20.3 percent compared to the same week one year earlier."