Activity was down in the mortgage market last week as a result of spiking interest rates, according to recent reports. Rates spiked last week on a better than expected jobs data, with the average rate for a 30-year fixed-rate mortgage hitting 4.558%, up from 4.480% the week prior. Refinances took the biggest hit last week, but conventional loans also suffered. There was a 7% decline from the previous week, compared to last year at this time. The market activity dropped by nearly a third. Low inventory has been some of the reason for conventional financing, hopefully sellers will strike on the low inventory market.