NEW YORK (Reuters) - Applications for home mortgages fell last week, after a sharp bounce the week before, as refinance demand dropped and interest rates rose, 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 5.9 percent in the week ended June 17.
The MBA’s seasonally adjusted index of refinancing applications dropped 7.2 percent, while the gauge of loan requests for home purchases slipped 2.8 percent.
The refinance share of mortgage activity dipped to 69.2 percent of total applications from 70.0 percent the week before.
Fixed 30-year mortgage rates averaged 4.57 percent in the week, up from 4.51 percent the week before.
Reporting by Leah Schnurr; Editing by Leslie Adler