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Mortgage applications were flat last week

New applications for U.S. home loans were virtually unchanged last week although 30-year mortgage rates rose to their highest level in a month, an industry group said on Wednesday.
/ Source: Reuters

New applications for U.S. home loans were virtually unchanged last week although 30-year mortgage rates rose to their highest level in a month, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted market index, a measure of mortgage activity stood at 724.8 for the week ended on Oct 1, flat from the previous week's 724.7.

Thirty-year mortgage rates, excluding fees, averaged 5.78 percent, rose 0.14 percentage point from the previous week and were a mere 0.01 percentage point lower from a year ago, the Washington trade group said.

The Mortgage Bankers Association's seasonally adjusted index on new refinancing applications rose by 2.7 percent to 2,270.8 for last week from the previous week's 2,211.1.

The association's purchase index, a gauge of new loan requests for home purchases, fell last week by 2.2 percent to 459.0 from 469.1 in the prior week.