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Mortgage applications fell last week

Applications for U.S. home mortgages declined last week as refinancing activity fell and mortgage rates were little changed, an industry group said on Wednesday.
/ Source: Reuters

Applications for U.S. home mortgages declined last week as refinancing activity fell and mortgage rates were little changed, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity fell 1.0 percent to 689.0 in the week ended Dec. 10, partly offsetting a 3.4 percent gain the prior week.

Fixed 30-year mortgage rates averaged 5.65 percent last week, excluding fees, down slightly from 5.68 percent the prior week.

The MBA's seasonally adjusted index of refinancing applications fell 2.0 percent to 1852.4, following a 1.1 percent decline the prior week.

The association's purchase index, a gauge of loan requests for home purchases, declined 0.4 percent to 488.9, on the heels of a 6.6 percent gain the prior week.

"On an unadjusted basis, the purchase index is up 12.6 percent and the ARM index is up 22.8 percent compared with the same week one year ago," said Michael Cevarr, Director of Member Surveys at the MBA, in a statement.

Refinancings as a share of total applications was little changed last week at 46.0 percent compared with 45.6 percent the prior week. The proportion of adjustable-rate mortgages was also little changed at 34.2 percent of the total, from 34.5 percent the prior week.