Mortgage applications fall as rates riseActivity drops more than 10 percent as 30-year fixed-rate mortgage climbs to 6.10 percent, industry trade group's weekly index says.NEW YORK (CNNMoney.com) -- Mortgage applications fell as interest rates rose across the board, an industry trade group reported Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Dec. 15 fell 10.2 percent to 647.6, from 721.2 a week earlier.
The 30-year fixed-rate mortgage rose to 6.10 percent from 6.02 percent last week. The group's seasonally adjusted refinance index fell 14.6 percent to 1968.8 from 2304.4 the previous week, and the purchase index decreased by 5.9 percent to 436.5 from 463.8 one week earlier. The refinance share of mortgage activity decreased to 50.8 percent of total applications from 52.6 percent the previous week. Fixed 15-year mortgage rates increased to 5.82 from 5.75 percent. Rates on one-year adjustable-rate mortgages (ARMs) increased to 5.82 from 5.76 percent. The ARM share of activity declined to 23.6 from 24.9 percent of total applications from the previous week. The MBA's survey covers about 50 percent of all U.S. retail residential mortgage loans. Respondents include mortgage bankers, commercial banks and thrifts. Freddie Mac (Charts) and Fannie Mae (Charts) are among the nation's largest mortgage lenders. HSBC hit by U.S. housing slowdown Fannie Mae files suit against KPMG |
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