U.S. mortgage applications decrease last week-MBA Wed Dec 14, 2005 7:00 AM ET
Wed Dec 14, 2005 7:00 AM ET Printer Friendly | Email Article | Reprints | RSS
NEW YORK, Dec 14 (Reuters) - U.S. mortgage applications decreased last week, dragged down by a sharp decline in home refinancings to a 17-month low, as interest rates held near the highest levels of the year, industry trade group figures showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Dec. 9 decreased 5.7 percent to 619.3 from the previous week's 656.7 reading.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.28 percent, down 0.04 percentage point from the previous week's 6.32 percent.
The group's seasonally adjusted index of refinancing applications dropped 9.7 percent to 1,441.8 compared with 1,596.4 the previous week. Volume was at its lowest level since the week ended June 25, 2004, when the index reached 1,386.9.
The MBA's seasonally adjusted purchase mortgage index fell 3.5 percent to 477.9 from the previous week's 495.1. The index is considered a timely gauge on U.S. home sales.
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