Demand for mortgage applications slowed last week from one week earlier, according to new data from the Mortgage Bankers Association. The MBA’s Weekly Applications Survey found application demand down 17 percent week-over-week as average mortgage rates continued to move higher after several late-summer declines. Joel Kan, MBA’s vice president and deputy chief economist, says rates were up for the third straight week. “Mortgage rates moved higher for the third consecutive week, with the 30-year fixed rate increasing to … its highest level since August,” Kan said. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Still, even at a two-month high, rates remain significantly lower than they were earlier this year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)