U.S. home mortgage applications declined last week on drop in purchasing and refinancing activity, according to the Mortgage Bankers Association. The seasonally adjusted index tumbled 10.5% to 699.2. The MBA's seasonally adjusted index was down 10% to 2036.7. The purchase index dropped 10.8% to 469.3.

 

Refinancings accounted for 39.3%, up from 39.2% in the previous week.

 

Average contract interest rates for 30-year fixed-rate mortgages fell to 5.73% from 5.77% last week.

 

Applications for ARMs fell to 33.9% from 35.3%.