It is a testament to just how sensitive today's borrowers are to tiny rate moves.
Mortgage application volume fell 2.1 percent on a seasonally adjusted basis last week from the previous week. Volume, however, was 28 percent higher than the same week a year ago, fueled by still-elevated refinances, according to the Mortgage Bankers Association.
Applications to refinance a home loan did fall for the week, down 3 percent, but volume was nearly 45 percent higher than the same week one year ago, when interest rates were higher. The refinance share of mortgage activity now stands at 62.6 percent, a slight decrease for the week.