Home loan applications fall to 11-month low

U.S. mortgage applications fell to an 11-month low last week, dragged down by a decline in home purchasing even as interest rates dipped, an industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Dec. 16 decreased 4.0 percent to 594.6 from the previous week’s 619.3. Volume was at its lowest since the week ended Jan. 7, when the index reached 587.8.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.22 percent, down 0.06 percentage point from the previous week’s 6.28 percent.

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The 30-year fixed-rate mortgage, the industry benchmark, is substantially above its 2005 low of 5.47 percent in late June, but below its 6.33 percent high in the week of Nov. 11.

The MBA’s seasonally adjusted purchase mortgage index fell 5.2 percent to 453.1 from the previous week’s 477.9. The index is considered a timely gauge of U.S. home sales.

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The group’s seasonally adjusted index of refinancing applications dropped 1.6 percent to 1,418.1 compared with 1,441.8 the previous week. Volume was at its lowest level since the week ended June 25, 2004, when the index reached 1,386.9.

Fixed 15-year mortgage rates averaged 5.76 percent, down from 5.83 percent the previous week. Rates on one-year adjustable-rate mortgages (ARMs) decreased to 5.41 percent from 5.50 percent.