May 30, 2018 / 3:14 PM / 3 months ago

U.S. mortgage applications fall to lowest since 2016: MBA

NEW YORK (Reuters) - U.S. mortgage applications declined to their lowest level since the start of 2016 even as some 30-year borrowing costs retreated from their highest levels in more than seven years, the Mortgage Bankers Association said Wednesday.

FILE PHOTO: Single family homes are shown under construction in San Diego, California, U.S., April 17, 2017. REUTERS/Mike Blake/File Photo

The Washington-based group’s seasonally adjusted gauge on overall home loan applications fell 2.9 percent to 356.1 in week ended May 25, which was the lowest reading since the week of Jan. 1, 2016.

Interest rates on 30-year fixed-rate “conforming” home loans, whose balances are $453,100 or less, fell to 4.84 percent from prior week’s 4.86 percent, the highest since April 2011, MBA said.

Reporting by Richard Leong

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