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Article updated: 2/12/2014 7:30 AM

Mortgage applications in U.S. decline as home sales fall

Mortgage applications in the U.S. declined last week as fewer Americans bought homes and refinanced properties.

Mortgage applications in the U.S. declined last week as fewer Americans bought homes and refinanced properties.

 

Bloomberg News

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By Bloomberg News

Mortgage applications in the U.S. declined last week as fewer Americans bought homes and refinanced properties.

The Mortgage Bankers Association's index dropped 2 percent in the period ended Feb. 7, the Washington-based trade group reported today. The purchase gauge fell 5 percent, while the refinance measure decreased 0.2 percent.

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The average rate on a 30-year fixed loan fell to 4.45 percent, the lowest since November, from 4.47 a week ago. The average rate on a 15-year mortgage declined to 3.49 percent from 3.53 percent in the prior period.

The share of applicants seeking to refinance dropped to 61.5 percent, the lowest since September, from 61.7 percent.

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