Applications for U.S. home mortgages fell 1.0% last week, the Mortgage Bankers Association said Wednesday. The seasonally adjusted index declined 1.0% to 689.0. The MBA’s seasonally adjusted index of refinancing applications fell 2.0% to 1852.4, the purchase index, fell 0.4% to 488.9.
"On an unadjusted basis, the purchase index is up 12.6% and the ARM index is up 22.8% compared with the same week one year ago", said Michael Cevarr, Director of Member Surveys at the MBA.
The average rate on a 30-year mortgage fell to 5.65% from 5.68%.