Applications for U.S. home mortgages decreased last week amid a sharp drop in purchasing and refinancing activity even as mortgage rates eased, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity decreased 10.5 percent to 699.2, more than offsetting the 9.4 percent gain during the previous week. The MBA’s seasonally adjusted index of refinancing applications dropped 10 percent to 2036.7, after rising 9.8 percent the prior week.
According to the MBA, fixed 30-year mortgage rates averaged 5.73 percent last week, excluding fees, down 4 basis points from 5.77 percent the previous week.
