Applications for home mortgages fell last week for the third consecutive week as refinancings fell to the lowest level since last April, an industry group said on Wednesday.
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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 10.4% in the week ended December 28.
The MBA's seasonally adjusted index of refinancing applications also fell 10.4%, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 10.5%. Both indexes dipped for a third straight week.
The refinance share of total mortgage activity stayed at 82% of applications.
Fixed 30-year mortgage rates averaged 3.52% in the week, up 1 basis point from 3.51% the week before.
The survey covers over 75% of U.S. retail residential mortgage applications, according to MBA.
The release covered two weeks of data because of the holidays.