Mortgage Applications in U.S. Fell 7.3% Last Week on Refinancing

Mortgage applications in the U.S. declined for the fifth time in six weeks as home refinancing plunged by the most since November 2013.

The Mortgage Bankers Association’s index decreased 7.3 percent in the period ended Nov. 28 after a 4.3 percent decline the week before, data from the Washington-based group showed today.

The refinancing gauge tumbled 13.4 percent, while the purchase applications measure gained 2.5 percent.

The average rate on a 30-year fixed mortgage slipped to 4.08 percent, the lowest since May 2013, from 4.15 percent. The rate on a 15-year fixed loan dropped to 3.30 percent from 3.35 percent.

The share of applicants seeking to refinance sank to a seven-week low of 60 percent from 62.8 percent.

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