Home Mortgage Applications Drop After Nine Month High

According to the Mortgage Bankers Association, mortgage applications fell across the U.S. last week from a nine-month high as home interest rates went up. The association says its seasonally adjusted index of mortgage activity fell 5.5 % to 599.1, down from 633.9 the previous week. The refinance share of applications decreased to 46.4 % from 46.7 % the previous week.

According to Julie Haviv, borrowing costs for a 30-year fixed-rate mortgage averaged 6.27 % up 0.03 from the previous week. Fixed 15-year mortgage rates averaged 5.90 % up from 5.86. and one-year ARMís increased to 5.88 % from 5.86 %.

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