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Applications for U.S. home mortgages last week dropped to their lowest in a month as interest rates hovered above levels that had sparked heavier refinancings in early September, according to data published by an industry group on Wednesday.
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CNBC.com |
Increasing uncertainty over the health of the economy and financial institutions may have also caused tighter credit conditions, or turned potential buyers away, analysts said.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity declined 23 percent to 455.4 in the week ended Sept. 26. It was last lower at the end of August.
The MBA's seasonally adjusted index of applications for loan refinancings plunged 34.7 percent to 1,333.9 last week. The gauge of loan requests for home purchases fell 10.9 percent to 304.8.
Fixed 30-year mortgage rates averaged 6.07 percent in the week, compared with 6.06 percent in the prior week.
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