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by CareyBot

Higher interest rates dissuaded borrowers last week as overall mortgage application activity dropped again, the Mortgage Bankers Association reported today. The market composite index, a measure of home loan application volume, sank 1.7 percent last week on a seasonally adjusted basis from the week before, taken lower by another sizeable decrease in refinancings. The index that tracks refinancings fell 6.3 percent last week following a 13 percent drop two weeks ago, while the home-purchase index gained 1.5 percent. The refi share of applications is now down to 38 percent, while the adjustable-rate mortgage (ARM) share edged up to 17.8 percent from 17.7 percent the previous week, according to MBA. Interest rates moved higher for the third straight week, with th...