Mortgage applications in the U.S. declined as fewer Americans refinanced their homes.
The Mortgage Bankers Association's index decreased 2.7 percent in the period ended Aug. 8 after a 1.6 percent advance in the prior week, the Washington-based trade group reported today.
The refinancing gauge slumped 4 percent to the lowest level since the week ended May 2 following a 3.8 percent gain in the prior period. The purchase applications measure decreased 1 percent after a 1.3 percent decline.
The share of applicants seeking to refinance fell to 54 percent from 54.5 percent in the prior week, today's report showed.
The average rate on a 30-year fixed loan held at 4.35 percent. The average 15-year mortgage rate declined to 3.48 percent from 3.51 percent.
To contact the reporter on this story: Nina Glinski in Washington at nglinskibloomberg.net To contact the editors responsible for this story: Carlos Torres at ctorres2bloomberg.net Vince Golle