Jun 27, 2013 6:37 AM by Lacey Steele
The number of mortgage applications dropped last week, as interest rates jumped.
According to the Mortgage Banker's Association, mortgage applications fell 3% from last week.
The Market Composite Index, which is a measure of mortgage loan application volume, also dropped 3% to the lowest level since November 2011.
Despite the drop in applications, most economists believe the housing market is recovering.