Mortgage applications in the U.S.
dropped last week to the lowest level in more than two years, reflecting a
slump in refinancing as interest rates climbed.
The Mortgage Bankers Association's
index decreased 4.6 percent in the period ended Aug. 16 from the prior week,
falling to the lowest level since April 2011, the Washington-based trade group
reported today. The refinance measure declined for the 10th consecutive week,
slumping 7.7 percent. The purchase gauge climbed 1.2 percent after reaching an
almost six-month low a week earlier.
The average rate on a 30-year fixed
loan rose to 4.68 percent, matching a two-year high reached in early July, from
4.56 percent the week prior. The average rate on a 15-year mortgage increased
to 3.71 percent from 3.60 percent the week prior.
The share of applicants seeking to
refinance dropped to 61.5 percent, also a two-year low, 63.3 the prior week,
today's report showed.
Wednesday August 21, 2013, 9:21 AM
BLOOMBERG NEWS
Wednesday August 21, 2013, 9:21 AM
Mortgage
applications in the U.S. dropped last week to the lowest level in more
than two years, reflecting a slump in refinancing as interest rates
climbed.
The Mortgage Bankers Association's index decreased 4.6 percent in the period ended Aug. 16 from the prior week, falling to the lowest level since April 2011, the Washington-based trade group reported today. The refinance measure declined for the 10th consecutive week, slumping 7.7 percent. The purchase gauge climbed 1.2 percent after reaching an almost six-month low a week earlier.
The average rate on a 30-year fixed loan rose to 4.68 percent, matching a two-year high reached in early July, from 4.56 percent the week prior. The average rate on a 15-year mortgage increased to 3.71 percent from 3.60 percent the week prior.
The share of applicants seeking to refinance dropped to 61.5 percent, also a two-year low, 63.3 the prior week, today's report showed.
The Mortgage Bankers Association's index decreased 4.6 percent in the period ended Aug. 16 from the prior week, falling to the lowest level since April 2011, the Washington-based trade group reported today. The refinance measure declined for the 10th consecutive week, slumping 7.7 percent. The purchase gauge climbed 1.2 percent after reaching an almost six-month low a week earlier.
The average rate on a 30-year fixed loan rose to 4.68 percent, matching a two-year high reached in early July, from 4.56 percent the week prior. The average rate on a 15-year mortgage increased to 3.71 percent from 3.60 percent the week prior.
The share of applicants seeking to refinance dropped to 61.5 percent, also a two-year low, 63.3 the prior week, today's report showed.
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