Enter multiple symbols separated by commas

US Home Mortgages Applications Fall Again

Applications for U.S. home mortgages fell for the first time in five weeks as a recent jump in loan refinancings came to a halt, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 1.6 percent to 670.6 in the week ended Nov. 2.

The drop was led by the seasonally adjusted index of applications for home refinancings, which eased 3.2 percent to 2,176.1, the MBA said.

At the end of October, the index hit its highest level since March, suggesting that borrowers were scrambling to refinance adjustable-rate mortgages before scheduled increases in monthly payments, economists said.

The gauge for home purchase applications was measured at 412.7 last week, compared with 412.9 in the previous week, the MBA said.

Fixed 30-year mortgage rates rose 1 basis point to 6.16 percent last week, the MBA said. The rate on 1-year adjustable mortgages increased to 5.94 percent from 5.93 percent.

Contact Real Estate


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.
  • Diana Olick

    Diana Olick serves as CNBC's real estate correspondent as well as the editor of the Realty Check section on CNBC.com.

Home prices and supply map

  • Track the latest moves in sales, prices and inventory in some of the largest housing markets across the country.