US Mortgage Applications Fell Last Week: MBA
Applications for U.S. home mortgages fell last week as demand for refinancing slowed further and new home loans slipped, an industry group said on Wednesday.
The Mortgage Bankers Associationsaid its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2. 5 percent in the week ended August 31.
The MBA's seasonally adjusted index of refinancing applications fell 3 .0 percent to its lowest level since May 2012, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 0.8 percent.
The refinance share of total mortgage activity remained unchanged from 7 9 percent the week before.
Fixed 30-year mortgage rates averaged 3.78 percent in the week, down 2 basis points from 3 .80 percent in the prior week.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.