As mortgage rates climb, loan demand, refinancing drops

Rising interest rates continue to impact areas of the housing industry.

In the past week, mortgage rates increased to 5.66% from 5.55%.

Overall demand for mortgage applications fell by 0.8%, according to the weekly survey from the Mortgage Banker's Association.

One area in particular that is seeing the impact of higher rates is refinancing.

The refinancing index declined 1% from the previous week.

"Mortgage rates moved higher over the course of last week as markets continued to re-assess the prospects for the economy and the path of monetary policy, with expectations for...