Mortgage applications topple as rates climb

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. 22 fell 14.2 percent to 555.8, from 647.6 a week earlier.

The 30-year fixed-rate mortgage fell to 5.98 percent, its lowest level in 14 months, from 6.13 percent last week.

The 30-year fixed-rate mortgage rose to 6.12 from 6.10 percent last week.

The group's seasonally adjusted refinance index fell 18.5 percent to 1604.6 from 1968.8 the previous week, and the purchase index decreased 10.6 percent to 390.2 from 436.5 one week earlier.

The refinance share of mortgage activity decreased to 48.8 percent of total applications from 50.8 percent the previous week.

Fixed 15-year mortgage rates increased to 5.84 from 5.82 percent. Rates on one-year adjustable-rate mortgages (ARMs) increased to 5.87 from 5.82 percent.

The ARM share of activity declined to 23.1 from 23.6 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.

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