U.S. mortgage applications fell last week: MBA

NEW YORK Wed Apr 23, 2014 7:03am EDT

Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola

Homes are seen for sale in the northwest area of Portland, Oregon March 20, 2014.

Credit: Reuters/Steve Dipaola

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NEW YORK (Reuters) - Applications for U.S. home mortgages fell last week as both purchase and refinancing applications slipped, 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, declined 3.3 percent in the week ended April 18.

The MBA's seasonally adjusted index of refinancing applications fell 3.7 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 2.6 percent.

Fixed 30-year mortgage rates averaged 4.49 percent in the week, up 2 basis points from 4.47 percent the week before.

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

(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)

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Comments (1)
mountainrose wrote:
Refi applications fell 4% last week, applications for home purchases another 3% , are off 18% Y/Y with that index sitting at a 20 yr low. prices continue to rise. Make sense yet?

Apr 23, 2014 8:55am EDT  --  Report as abuse
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