U.S. mortgage applications fell last week as rates rose -MBA

Wed Feb 20, 2013 11:59am GMT

NEW YORK, Feb 20 (Reuters) - Applications for U.S. home
mortgages fell for a second straight week as both refinancing
and loan requests for new mortgages eased last week, 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, was 1.7 percent lower
in the week ended Feb. 15.
    The MBA's seasonally adjusted index of refinancing
applications fell 1.6 percent, while the gauge of loan requests
for home purchases, a leading indicator of home sales, dropped
1.7 percent.
    
 
    
    The refinance share of total mortgage activity fell to 77
percent of applications, the lowest level since May 2012, from
78 percent the week before.
    Fixed 30-year mortgage rates averaged 3.78 percent in the
week, up 3 basis points from 3.75 percent the week before.
    The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.

 (Reporting by Edward Krudy; Editing by Leslie Adler)