Mortgage applications in the U.S. dropped last week as fewer Americans bought homes and refinanced properties.
The Mortgage Bankers Association's index decreased 4.1 percent in the period ended Feb. 14, the Washington-based trade group reported today. The purchase gauge fell 6.3 percent, taking it to the lowest level since September 2011. The refinance measure declined 2.7 percent.
The average rate on a 30-year fixed loan advanced for the first time in seven weeks to reach 4.50 percent from 4.45 a week ago. The average rate on a 15-year mortgage increased to 3.55 percent from 3.49 percent in the prior period.
The share of applicants seeking to refinance was little changed at 61.2 percent compared with 61.5 percent the week earlier.
--Editors: Carlos Torres, Vince Golle
To contact the reporter on this story: Katherine Peralta in Washington at kperalta2bloomberg.net
To contact the editor responsible for this story: Carlos Torres at ctorres2bloomberg.net