US Mortgage Applications Fell Last Week: MBA

Applications for U.S. home mortgages fell last week as demand for refinancing slowed further and new home loans slipped, an industry group said on Wednesday.

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The Mortgage Bankers Associationsaid its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2. 5 percent in the week ended August 31.

The MBA's seasonally adjusted index of refinancing applications fell 3 .0 percent to its lowest level since May 2012, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 0.8 percent.

The refinance share of total mortgage activity remained unchanged from 7 9 percent the week before.

Fixed 30-year mortgage rates averaged 3.78 percent in the week, down 2 basis points from 3 .80 percent in the prior week.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.