Mortgage Applications Fell Last Week as Rates Rose

Mortgage applications fell last week as fewer consumers purchased properties and refinanced their homes.

The Mortgage Bankers Associationís index dropped 2.1% in the period ended March 7, the Washington-based trade group reported today. The purchase measure fell 0.5%, and the refinance gauge declined 3.1%.

The average rate on a 30-year fixed loan rose to 4.52% from 4.47% the week before. The average rate on a 15-year mortgage climbed to 3.53% from 3.52% in the prior period.

The share of applicants seeking to refinance decreased to 56.7% from 57.7% the week earlier.

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