U.S. mortgage applications index fell amid refinancing drop

Mortgage applications fell last week as fewer Americans refinanced their homes.

The Mortgage Bankers Association's index dropped 2.2 percent in the period ended July 25, the fifth drop in seven weeks, after rising 2.4 percent in the prior period, the Washington-based trade group reported today.

The refinancing gauge declined 4 percent, the biggest drop in more than a month, while the measure of purchase applications rose 0.2 percent.

The share of applicants seeking to refinance fell to 53.2 percent from 54.4 percent in the prior week, today's report showed.

The average rate on a 30-year fixed loan was 4.33 percent, little changed for a third week. The average rate on a 15-year mortgage was also little changed at 3.47 percent.

To contact the reporter on this story: Victoria Stilwell in Washington at vstilwell1bloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle