Glenn McCullom

With 30-year mortgage rates reaching a four-year high, loan application activity was lower this past week, according to the Mortgage Bankers Association.

Mortgage rates rose to their highest level in almost four years, as worries over inflation drove the 10-year Treasury yield to just shy of 3%.

Rising rates, largely tied to the stock market turmoil, took their toll on mortgage application volume during the past week.

Mortgage industry hiring and new job appointments for the week ending Feb. 9.

Mortgage rates hit their highest mark since December 2016 as bond yields were affected by the roller coaster stock market, according to Freddie Mac.

Even as rates hit their highest levels in nearly four years, mortgage application volume increased compared with one week earlier, according to the Mortgage Bankers Association.

Mortgage industry hiring and new job appointments for the week ending Feb. 2.

Mortgage rates, which are significantly higher since the start of the year, are likely to rise for weeks to come, according to Freddie Mac.

Rising rates suppressed total mortgage application activity, which decreased 2.6% from one week earlier, according to the Mortgage Bankers Association.

Mortgage industry hiring and new job appointments for the week ending Jan. 26.