Applications for Mortgages Continue to Drop, Bankers Report

loan application form  business ...
ShutterstockThe number of Americans seeking new home loans continues to lag despite a gradual decline in mortgage interest rates.
By Luciana Lopez

Applications for U.S. home mortgages dipped slightly last week as purchases slipped, an industry group said on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.2 percent in the week ended June 27. It was the third straight week in which the MBA's index saw a decline.

The MBA's seasonally adjusted index of refinancing applications rose 0.1 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 0.7 percent. Fixed 30-year mortgage rates averaged 4.28 percent in the week, down 5 basis points from 4.33 percent the week before.

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

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