Mortgage applications drop for the fourth week: MBA

NEW YORK Wed Jul 13, 2011 8:12am EDT

A vacant home for sale is pictured in Yonkers, New York, October 26, 2010. A REUTERS/Mike Segar

A vacant home for sale is pictured in Yonkers, New York, October 26, 2010. A

Credit: Reuters/Mike Segar

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NEW YORK (Reuters) - Applications for home mortgages fell last week for the fourth week in a row, hurt by a drop in refinance demand even as interest rates tumbled, 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 5.1 percent in the week ended July 8.

The MBA's seasonally adjusted index of refinancing applications lost 6.2, while the gauge of loan requests for home purchases dipped 2.6 percent.

The refinance share of mortgage activity decreased to 65.6 percent of total applications from 66.4 percent the week before. Fixed 30-year mortgage rates averaged 4.55 percent, down from 4.69 percent.

(Reporting by Leah Schnurr; Editing by Leslie Adler)

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