Mortgage Applications Fell Last Week

Reuters

Applications for U.S. home mortgages fell last week and refinance activity declined even as interest rates dipped, an industry group said Wednesday.

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The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity fell 6.5% in the week ended Feb. 25.

MBA said the figures do not include an adjustment for the Presidents Day holiday.

The MBA's seasonally adjusted index of refinancing applications decreased 6.5%, while the gauge of loan requests for home purchases was down 6.1%.

Fixed 30-year mortgage rates averaged 4.84 percent in the week, down from 5% the week before.