Mortgage applications in U.S. decline for first time in a month

Mortgage applications in the U.S. decreased last week for the first time in a month, reflecting declines in home buying and refinancing.

The Mortgage Bankers Association's index fell 6.6 percent in the period ended Oct. 24 after an 11.6 percent advance the week before, data from the Washington-based group showed today.

The purchase applications measure dropped 5 percent to its lowest level since February and second-lowest since August 1995, while the refinancing gauge fell 7.4 percent.

The average rate on a 30-year fixed loan rose for the first time in five weeks, climbing to 4.13 percent from a more than one-year low of 4.10 percent. The average on a 15-year mortgage held at 3.28 percent.

The share of applicants seeking to refinance dropped to 64.5 from the prior week's 65 percent.

T