April 4, 2018 / 12:21 PM / 2 years ago

UPDATE 1-U.S. mortgage applications fall as home loan costs stay elevated

(Adds details on latest data)

April 4 (Reuters) - U.S. mortgage applications declined from a seven-week high in the latest week as 30-year home borrowing costs hovered near their loftiest levels in four years, the Mortgage Bankers Association said on Wednesday.

The Washington-based industry group said its seasonally adjusted index on mortgage application activity fell 3.3 percent to 388.1 in the week ended March 30.

Interest rates on 30-year fixed rate conforming mortgages or home loans with balances of $453,100 or less averaged at 4.69 percent, unchanged from the previous week, MBA said.

Average interest rates on other loan types that MBA tracks were unchanged to 5 basis points lower from the prior week.

MBA’s seasonally adjusted index on loan requests to buy a home, which is seen as a proxy on future home sales, fell for the first time in four weeks. It was down 2.1 percent at 252.3 last week.

The group’s seasonally adjusted gauge on mortgage applications to refinance an existing home loan decreased 4.9 percent to 1,130.1 last week.

The refinance share of mortgage activity shrank to its smallest level since September 2008 at 38.5 percent of total applications from 39.4 percent the previous week, MBA said. (Reporting by Richard Leong in New York Editing by Jeffrey Benkoe)

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