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MBA: Mortgage Applications Dipped Last Week

Dec 8, 2010 | Reprints | Unlock Link | Print

Applications for the nation’s residential mortgages declined slightly last week as a key interest rate rose to a 4-1/2 month high, an industry group said on Wednesday.

The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage application activity edged lower by 0.9 percent to 603.5 in the week ended Dec. 3.

The MBA’s seasonally adjusted index of refinancing applications fell 1.4 percent to 2,932 last week. The gauge of loan requests for home purchases inched higher for a third week, however, by 1.8 percent to 210.9.

Fixed 30-year mortgage rates averaged 4.66 percent in the week, the highest since the week ending July 23, the MBA said. The rate is up from 4.56 percent in the prior week. (Reuters)

Banking & Lending