NEW YORK ( TheStreet) -- Mortgage rates are rising after being historically low, and this has continued to weigh on mortgage applications, TheStreet's Shanthi Bharatwaj told Brittany Umar.
Mortgage rates hit the highest levels of the year and, as most would expect, have negatively affected applications. Bharatwaj said the quick plunge shows the unwillingness of buyers to shop for homes and to refinance -- a business that is much more rate-sensitive.
Another problem, she added: There aren't enough homes for sale either.
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