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US mortgage applications fall in latest week: MBA

[NEW YORK] Applications for US home mortgages fell last week as interest rates hit the highest level since January, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 1.3 per cent in the week ended March 6.

The MBA's seasonally adjusted index of refinancing applications fell 2.9 per cent to the lowest level since January, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 1.9 per cent.

The refinance share of total mortgage activity fell to 60 per cent of applications from 62 per cent the week before.

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Fixed 30-year mortgage rates averaged 4.01 per cent in the week, the highest level since the week ending Jan 2. Rates were up 5 basis points from 3.96 per cent the previous week.

The survey covers over 75 per cent of US retail residential mortgage applications, according to MBA.


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