US Mortgage Applications Slide

Homes are seen for sale in the southwest area of Portland, Oregon March 20, 2014. REUTERS/Steve Dipaola Thomson ReutersHomes are seen for sale in the southwest area of Portland

NEW YORK – Applications for U.S. home mortgages fell last week as both purchase and refinancing applications declined, 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, fell 2.7 per cent in the week ended Aug. 8.

The MBA’s seasonally adjusted index of refinancing applications fell 4.0 per cent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 1.0 per cent.

Fixed 30-year mortgage rates averaged 4.35 per cent in the week, unchanged from the week before.

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

(Reporting by Caroline Valetkevitch; editing by Leslie Adler)

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