Mortgage applications fell to an 11-month low last week, dragged down by a decline in home purchasing even as interest rates dipped, an industry trade group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended December 16 decreased 4 percent to 594.6 from the previous week’s 619.3. Volume was at its lowest since the week ended Jan. 7, when the index reached 587.8.
