November 12, 2014 / 12:09 PM / 3 years ago

U.S. mortgage applications fall in latest week: MBA

1 Min Read

A completed house (rear) is seen behind the earthworks of a home currently under construction at the Mid-Atlantic Builder's 'The Villages of Savannah' development site in Brandywine, Maryland May 31, 2013.Gary Cameron

NEW YORK, Nov 12 (Reuters) - Applications for U.S. home mortgages fell last week as interest rates rose, an industry group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, declined 0.9 percent in the week ended Nov. 7.

The MBA's seasonally adjusted index of refinancing applications fell 1.9 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, rose 1.1 percent.

Fixed 30-year mortgage rates averaged 4.19 percent in the week, up 2 basis points from 4.17 percent the week before.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

Reporting by Caroline Valetkevitch; editing by Leslie Adler; caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393; Reuters Messaging: caroline.valetkevitch.thomsonreuters.com@reuters.net

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