Rising interest rates slowed refinancing demand and whet homebuyers' appetites for adjustable-rate mortgages in July, according to Ellie Mae's monthly survey of mortgage loan applications.

The average interest rate on a 30-year fixed mortgage jumped to 4.4% in July from 3.9% the previous month, the survey reported Wednesday. That drove down demand for loan refinancings. Just 47% of all closed loans last month involved refinancing, compared to 51% in June.

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