As interest rates rose, mortgage applications decreased 9.8% in the week that ended March 5, the Mortgage Bankers Association said Wednesday.

"It's clear the market has peaked," said Mark Zandi, chief economist with Regional Financial Associates in West Chester, Pa. "At the very least it means job growth in the mortgage banking industry will soon come to a halt."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.