Fewer seek mortgages in past week
More are signing on for refinanced mortgages, and it has dropped the average rate paid nationwide. Credit: ISTOCK/
Fewer house hunters applied for mortgages this past week, a banking industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index declined 5.9 percent in the week ended June 17. The index tracks mortgage application activity, including both refinancing and home purchase demand.
Reuters reported the drop is from a brisk increase the week before, as refinance demand dropped and interest rates rose, the MBA reported.
The seasonally adjusted index of refinancing applications dropped 7.2 percent, while the index for home purchases was down 2.8 percent.
