Mortgage applications down as refinancing demand slows

Wed Oct 31, 2012 7:04am EDT

A foreclosed home is shown in Corona, California, in this December 18, 2008 file photo. REUTERS/Lucy Nicholson/Files

A foreclosed home is shown in Corona, California, in this December 18, 2008 file photo.

Credit: Reuters/Lucy Nicholson/Files

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(Reuters) Applications for home mortgages fell last week as demand for refinancing tumbled for the fourth week in a row, 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, was down 4.8 percent in the week ended Oct 26.

The MBA's seasonally adjusted index of refinancing applications dropped 6 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, edged up 0.5 percent.

The refinance share of total mortgage activity slipped to 80 percent of applications from 81 percent.

Fixed 30-year mortgage rates averaged 3.65 percent in the week, up 2 basis points from 3.63 percent the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

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