Mortgage Applications Fall as Rates Edge Up
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Applications for U.S. home mortgages fell in the last week as home loan rates edged higher and refinancing applications fell, an industry group said.
The Mortgage Bankers Assn. said its seasonally adjusted index of mortgage activity fell 5.8% to 673.3 in the week ended Nov. 26, which was shortened by the Thanksgiving holiday, after a 5.7% drop the previous week.
The association’s seasonally adjusted index of refinancing applications fell 12.3% to 1,912.3 after a decline the previous week.
Fixed 30-year mortgage rates averaged 5.78%, excluding fees, last week, up from 5.64% the previous week. One-year adjustable-rate mortgage rates averaged 4.12%, excluding fees, little changed from 4.13%.
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